Stocks decline for second day on weaker tech, US dollar strengthens

From Hindustan Times: 2024-06-21 14:37:33

Global stocks fell for a second straight session on Friday, as weakness in U.S. technology stocks weighed on markets. The U.S. dollar hit its highest level since May, while the S&P Global Composite PMI Output Index rose to 54.6, the highest since April 2022. Employment rebounded, but price pressures eased, fueling optimism that inflation may be cooling. On Wall Street, the S&P 500 and Nasdaq slipped, with Nvidia shares dragging down the markets. Meanwhile, U.S. existing home sales fell for a third straight month in May. European stocks closed lower due to slowing euro zone business growth. U.S. Treasury yields rose, with the 10-year yield hitting 4.265%. The dollar index gained, while U.S. crude fell to $80.66 a barrel. Japanese authorities are ready to take action against currency market volatility that hurts the economy.



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