Wall Street opens slightly lower as earnings season begins, with mixed performance in Asian and European markets

From Postmedia Network.: 2024-07-23 05:06:25

Stocks opened slightly lower on Wall Street as earnings reporting season begins. Dow slipped 0.2%, Nasdaq down 0.2%. UPS fell 11.7%, Sherwin-Williams jumped 4.2%. General Motors and Coca-Cola beat profit targets. Asian markets mixed. China’s central bank cut interest rates to boost economy, but impact remains unclear.

Baosteel Iron & Steel Co. buys Nippon Steel’s stake in joint venture for $242 million. China’s central bank cut interest rates by 10 basis points to stimulate the economy. South Korea’s Kospi advanced 0.4%, Taiwan’s Taiex surged 2.8%. European markets also trading positive. Oil prices down slightly in early trading.

US benchmark crude oil lost 38 cents to $78.02 per barrel. Brent crude gave up 36 cents to $82.04 per barrel. S&P 500 rose 1.1% on Monday. Dow Jones added 0.3%, Nasdaq composite climbed 1.6%. Dollar fell to 156.19 Japanese yen, euro fell to $1.0861. GDP data and inflation readings due later in the week.



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