On Friday, global stock indexes kicked off the second half of the year with gains, just ahead of the long holiday weekend in the United States. Meanwhile, there was a sharp decline in the 10-year government bond yields by the biggest value since the coronavirus pandemic had first struck markets in March 2020. There was a fall in copper prices to their lowest value seen in the last 17 months.
Movements to be exaggerated
In the early trading session in New York, stocks had been lower, but there was a late rally that saw US markets rise. There is a long weekend, as the markets will remain closed for the Fourth of July holiday on Monday.
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Market analysts said since it is a long weekend, the market movements will be exaggerated. But, they also added that they expect the performance of the market to improve in the second half of the year. They predicted that the second half would have more green days, as opposed to red.
The first half of the year had been the worst one that the S&P 500 index had seen since 1970. But, the index recorded an increase of 1.1% on Friday. As for the world stocks index of the MSCI, it had also seen its worst percentage decline since it was created in 1990 in the first half of the year. On Friday, the index was able to notch gains of 0.4%.
There was a 1.05% rise in the Dow Jones Industrial Average, as it climbed by 321.83 points to reach 31,097.26. A 1.06% gain was seen in the S&P 500, which climbed by 39.95 to close at 3,825.33. The Nasdaq Composite also saw gains of 0.9%, as it increased by 99.11 points to reach 11,127.85.
Meanwhile, there was a 0.02% decline in the continent-wide STOXX 600 index and a 0.39% gain was seen in the MSCI’s gauge of global stocks.
On Friday, data showed that there was a decline in manufacturing products for the first time in the eurozone last month after the initial wave of the COVID-19 pandemic. Meanwhile, inflation continued to climb to a record high.
As for the United States, there had been a slowdown in manufacturing activity more than it expected. New orders declined for the first time in the last two years, which is further evidence that there is a contraction happening in the economy amidst the aggressive hike in the interest rates from the US central bank.
Investors’ concern about the demand for metals taking a hit resulted in a fall in copper prices. There was a 2.6% easing in the price of copper on the London Metal Exchange, which brought it down to $8,047 per tonne, after it had fallen to $7,955, its lowest value since February 2021.
Meanwhile, there was a rise in oil prices because of supply shortages in Libya and shutdowns expected in Norway. This balanced worries that demand could be dented due to an economic slowdown.
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