Thu, 08 Jun 2023

NEW YORK, New York - U.S. stocks went into a tailspin Friday after Republican lawmakers walked out of a meeting with White House officials over the debt ceiling.

"Markets have had a fairly constructive week and were trading better as in the early hours of today's trading day, in large part due to a more constructive or positive sentiment around the debt ceiling negotiations. And that took a little bit of a bump in the road today as the negotiations have taken a pause," B. Riley Financial's Art Hogan told CNBC Friday.

"I don't think that is the end. But I certainly think that going into the weekend, with any uncertainty about the debt ceiling, it's going to cause a bit of a sell-off," Hogan said.

The Dow Jones industrials declined 109.28 points to 0.33 percent to close Friday at 33,426.63.

The Nasdaq Composite dipped 30.94 points or 0.24 percent to 12,657.90.

The Standard and Poor's 500 eased 6.07 points or 0.14 percent to 4,191.98.

The NYSE COMPOSITE (DJ) registered a slight decrease, closing at 15,324.32, down 21.11 points or 0.14 percent.

The NYSE AMEX COMPOSITE INDEX, represented by ^XAX, saw a minor uptick of 1.60 points or 0.04 percent, finishing at 3,937.70.

The Top 40 USD Net TRI Index showed a modest gain, closing at 4,028.74, up 12.87 points or 0.32 percent.

The Russell 2000, representing small-cap stocks, experienced a decline, settling at 1,773.72, down 11.14 points or 0.62 percent.

Investor sentiment was reflected in the CBOE Volatility Index (VIX), which rose by 0.71 points or 4.42 percent to reach 16.76.

In a day of fluctuating fortunes, the global foreign exchange market witnessed a mixed bag of results as major currency pairs battled for dominance. The market closed with varying percentage changes in the exchange rates of several currencies.

The Euro made gains against the U.S. dollar approaching the U.S. close. The EUR/USD pair closed at 1.08024, representing an increase of 0.31 percent.

Conversely, the dollar struggled against the Japanese Yen with a decline of 0.45 percent or 0.627, resulting in the USD/JPY pair closing at 138.079.

The Canadian Dollar weakened 0.07 percent to finish Friday around 1.3510.

Moving across the Atlantic, the British Pound gained ground against the dollar. The GBP/USD pair closed at 1.2442, reflecting a rise of 0.28 percent.

On the other hand, tthe Swiss Franc declined 0.55 percent to 0.9001.

Among other currency pairs, the Australian Dollar (AUD) displayed resilience against the dollar, rising to 0.6648, for a 0.41 percent gain.

Similarly, the New Zealand Dollar experienced positive momentum against the U.S. Dollar. The NZD/USD pair closed at 0.6279, signifying a gain of 0.87 percent.

In the world of global finance, stock markets closed with varied results on Friday as investors digested a mix of economic data and corporate earnings reports. While some indices experienced modest gains, others faced a downturn, creating a diverse landscape for traders worldwide.

In London, the FTSE 100 index ended the day at 7,756.87, recording a slight increase of 14.57 points or 0.19 percent. The British stock market saw positive momentum as investors reacted positively to encouraging economic indicators and strong corporate performances.

In South America, the IBOVESPA, Brazil's main stock market index, gained 718.79 points or 0.65 percent, closing at 110,827.25.

The S&P/CLX IPSA in Santiago, Chile, represented by ^IPSA, remained unchanged at 5,058.88, with no percentage change.

In Buenos Aires, the Merval index rose a hefty 7,054.25 points or 2.13 percent to 338,264.88.

In North America, Toronto's S&P TSX climbed 53.97 points or 0.27 percent to close Friday at 20,351.06.

In Europe, the ESTX 50 PR.EUR index, denoted by ^STOXX50E, rose by 27.85 points or 0.64 percent, settling at 4,395.30. The European market experienced upward momentum as investors took confidence from strong corporate earnings and optimistic economic forecasts.

Germany's DAX PERFORMANCE-INDEX, represented by the symbol ^GDAXI, closed at 16,275.38, a record high, up 112.02 points or 0.69 percent. The German market showcased resilience, benefitting from robust economic growth and an upbeat sentiment among investors.

Similarly, France's CAC 40, represented by the symbol ^FCHI, advanced by 45.07 points or 0.61 percent, closing at 7,491.96. The French stock market responded positively to improved economic indicators and a favorable earnings season.

Other major European indices also showed positive performance. The Euronext 100 Index, symbolized by ^N100, gained 6.15 points or 0.45 percent, reaching 1,380.62. The BEL 20 index in Brussels, represented by ^BFX, closed at 3,736.78, rising 19.48 points or 0.52 percent.

In Russia, the MOEX Russia Index, with the symbol IMOEX.ME, saw a slight decline of 4.14 points or 0.19 percent, finishing at 2,222.51. The Russian market faced some headwinds as geopolitical tensions impacted investor sentiment.

In contrast, Asian markets faced mixed fortunes on Friday. Japan's Nikkei 225, represented by the symbol ^N225, closed at 30,808.35, marking a gain of 234.42 points or 0.77 percent. The positive sentiment in Japan was driven by strong export figures and the prospect of increased economic activity.

However, Hong Kong's HANG SENG INDEX, symbolized by ^HSI, experienced a decline of 276.68 points or 1.40 percent, ending the day at 19,450.57. The Hong Kong market grappled with concerns over geopolitical tensions and cautious investor sentiment.

In China, the SSE Composite Index, denoted by the symbol 000001.SS, closed at 3,283.54, down 13.78 points or 0.42 percent. Lingering uncertainties surrounding the country's regulatory environment weighed on investor confidence.

Meanwhile, the Shenzhen Index, symbolized by 399001.SZ, inched up by 13.08 points or 0.12 percent, closing at 11,091.36. The Chinese market demonstrated resilience despite the challenging regulatory environment.

Moving to the Australian market, the S&P/ASX 200, represented by the symbol ^AXJO, gained 42.70 points or 0.59 percent, concluding the day at 7,279.50, while the Australian ALL ORDINARIES index, represented by the symbol ^AORD, gained 44.50 points or 0.60 percent, closing at 7,471.50. Australian stocks benefited from positive economic data, including robust employment figures and increased consumer spending.

The STI Index in Singapore, denoted by the symbol NYA, closed at 3,202.59, climbing 20.04 points or 0.63 percent. The Singaporean market showcased resilience amid positive economic data and increased investor confidence.

India's S&P BSE SENSEX, symbolized by ^BSESN, recorded a gain of 297.94 points or 0.48 percent, concluding the day at 61,729.68. The Indian market witnessed positive momentum driven by strong corporate performances and the government's reform initiatives.

Indonesia's IDX COMPOSITE, represented by the symbol ^JKSE, increased by 37.45 points or 0.56 percent, settling at 6,700.56. The Indonesian market saw positive sentiment fueled by robust domestic consumption and an optimistic economic outlook.

The FTSE Bursa Malaysia KLCI, denoted by ^KLSE, inched up by 0.50 points or 0.04 percent, closing at 1,428.54. The Malaysian market displayed a relatively stable performance amid mixed economic data and cautious investor sentiment.

In New Zealand, the S&P/NZX 50 INDEX GROSS, represented by the symbol ^NZ50, gained 123.64 points or 1.03 percent, reaching 12,099.74. The New Zealand market experienced a positive surge driven by strong corporate earnings and increased investor confidence.

South Korea's KOSPI Composite Index, symbolized by ^KS11, closed at 2,537.79, rising by 22.39 points or 0.89 percent. The South Korean market enjoyed gains as economic recovery gained momentum and export figures improved.

Taiwan's TSEC weighted index, denoted by ^TWII, advanced by 73.04 points or 0.45 percent, closing at 16,174.92. The Taiwanese market showed resilience amid robust global demand for technology products and positive economic indicators.

Elsewhere, the TA-125, Israel's stock market index, experienced a marginal increase of 0.66 points or 0.04 percent, closing at 1,823.96.

The EGX 30 Price Return Index in Cairo, Egypt, represented by ^CASE30, closed at 16,745.50, down 98.50 points or 0.58 percent. The index had a trading volume of 141.1 million.

Overall, global stock markets displayed a mixed performance on Friday, with some indices registering gains while others faced minor setbacks. Investors remained vigilant, monitoring economic indicators and corporate earnings reports for signals of future market trends.

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