Stock market today: Dow set to rise as Invesco surges and China Tech soars
Wall Street was heading for an uninspired open on Friday, even though the Dow Jones Industrial Average was expected to start slightly higher, as European and Asian stocks climbed as investors continued to seek a narrative for the markets.
Future for the
rose about 25 points, after the index slipped 63 points on Thursday to close at 34,751.
indicated an opening close to the dish while the
was on the verge of falling slightly when Friday’s trading begins.
Overseas, Hong Kong
Hang Seng Index
rose 1% as Chinese tech stocks surged, with the
Hang Seng Technology Index
up 3.5% for one of its best days last month. The pan-European
was 0.6% higher.
Stocks have been volatile throughout the month, with investor concerns shifting from central bank policy and inflation to the outlook for economic growth. In recent days, markets have mostly reacted, positively or negatively, to mixed economic data, be it industrial production, retail sales or jobless claims.
“It is becoming increasingly evident that there is little direction for the stock markets at this time,” said Michael Hewson, analyst at brokerage CMC Markets. “Investors are increasingly looking for a narrative, whether positive or negative to drive the next move, and come empty-handed.”
The rally in commodities appeared to ease, with oil, natural gas and iron ore futures contracting.
Here are nine stocks in motion on Friday
Shares (IVZ) jumped 9.3% in pre-market trading in the United States, after the Wall Street Journal reported that the exchange-traded fund giant was in merger talks with the management business of State Street assets.
Chinese tech giants have made great strides in Hong Kong, with
(BABA) up 2.2%, Tencent (0700.HK) 2.4%, Baidu (9888.HK) 2.4% and JD.com (9618.HK) 4.6%.
European travel stocks have been bolstered by reports the UK is drastically relaxing travel rules linked to the Covid-19 pandemic. owner of British Airways
(IAG.UK) climbed 3.9% as
InterContinental Hotels Group
(IHG.UK) rose 1.5%.
(CBK.Germany) rose 4.4%, after local German media reported that US private equity group Cerberus was considering taking a larger stake in the bank after the German election later this month .
(3333.HK) fell 3.8%, bringing weekly losses for equities to 28.5%, as the struggling and heavily leveraged Chinese real estate giant remains threatened with restructuring.
Write to Jack Denton at [email protected]