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06/08/24
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Global Stocks Higher After Sell-Off
On Tuesday, global equities attempted to recover after the prior day’s aggressive selloff as recession fears were countered by central banker comments.
Crude prices were volatile, and a weak demand outlook was offset partly by price support due to the risks of an escalation of the conflict in the Middle East as well as from a decline in Libyan production.
The Nikkei’s rebound of about 10% in Tokyo brought some relief after the index dropped 12.4% on Monday.
On Monday, U.S. Federal Reserve policymakers pushed back against the idea that softer-than-expected jobs data for July meant that the economy was in a recessionary freefall.
On Monday, the Nasdaq slumped 3.43% and the S&P 500 lost 3%, extending the recent sell-off as global markets were spooked by fears of a possible U.S. recession.
The Nasdaq Composite gained 228.07 points, or 1.41%, to 16,428.15, the S&P 500 gained 73.47 points, or 1.42%, to 5,259.80 and the Dow Jones Industrial Average rose 399.02 points, or 1.03%, to 39,102.29.
MSCI’s index of global stocks was 11.04 points, or 1.45% higher at 773.12 after on Monday dropping more than 3%, which was the third consecutive session of declines.
The STOXX 600 pan-European index rose 0.46% in a volatile session with a drop of about 0.5% at the lowest point.
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