European stock traders go home with mixed results

July 8, 2024 6:18 pm

European traders have headed for the exits with mixed results in the major stock indices. France CAC was the worst performer with a decline of -0.63% after their election results ended in a political stalemate. Neither the right nor the left can likely for me coalition government. Investors are not very happy.

The final numbers are showing:

  • German DAX, -0.02%
  • France CAC, -0.63%
  • UK FTSE 100, -0.13%
  • Spain’s Ibex, -0.01%
  • Italy’s FTSE MIB, +0.17%

Meanwhile in the US, the major indices have turned back to the downside. The S&P index and the Dow Industrial Average average is now lower on the day. Tomorrow Fed Chair Powell speaks. The U.S. Treasury starts there coupon auctions which include 3/10/30-year issues. Finally US CPI will be released on Thursday and PPI on Friday.

The snapshot of the market at 12:30 PM ET shows:

  • Dow Industrial Average average -51.41 points or -0.13%
  • S&P index -2.13 points or -0.04% at 5565
  • NASDAQ and neck steps 17.10 points or 0.09% at 18370

The small-cap Russell 2000 is up 11.75 points or 0.58% at 2038.40.

Looking at the US debt market, yields higher but off their highest levels:

  • 2-year yield 4.626%, +2.7 basis points
  • 5-year yield 4.239%, +2.1 basis points
  • 10 year yield 4.282%, +0.9 basis points
  • 30-year yield 4.470%, +0.1 basis points

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