Global stock markets calm nerves after Easter plunge

A surfer tried to ride a wave in Kanagawa prefecture southwest of Tokyo earlier this year
A surfer tried to ride a wave in Kanagawa prefecture southwest of Tokyo earlier this year

05 April, 2018

The speed with which the trade struggle between the two countries is ratcheting up - China took less than 11 hours to respond with its own measures - led to a sharp selloff in global stock markets and commodities. The Cboe Volatility Index.VIX, the most widely followed barometer of expected near-term volatility for the S&P 500, was down 0.13 point at 20.97.

Technology companies again drove much of the gains.

Banks rose as interest rates turned higher, and carmakers Ford and General Motors also jumped after saying their sales rose in March after a rough start to the year.

Major tech names Apple and the FANG group - Facebook, Amazon, Netflix and Alphabet were down between 1.4 percent and 2.6 percent. The Dow is up 104.03 points or 0.4 percent at 23,748.22, the Nasdaq is up 13.01 points or 0.2 percent at 6,883.13 and the S&P 500 is up 8.67 points or 0.3 percent at 2,590.55. It dropped 2.2% a day earlier.

The Nasdaq Composite Index was up 76.46 points, or 1.11 per cent, to 6,946.58.

Stocks open with large losses follows China's announcement of additional tariffs on $50B in US imports including soybeans, planes, autos and chemicals; Dow -1.6%, S&P -1.2%, Nasdaq -1.2%.

Wall Street analysts expect S&P 500 earnings to increase 18.4 percent for the first quarter, according to Thomson Reuters data.

USA crude gained 14 cents to $63.15, copper jumped 1.4 percent for its fourth straight gain and spot gold XAU= ticked down 0.2 percent to $1,338.08 an ounce.

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CBS Corp.(CBSA) rose 1.8% after the media giant reportedly made an offer to acquire Paramount Pictures parent Viacom Inc.(VIA) that was below Viacom's current market value of $12.5 billion. CBS shares rose 4.2 percent.

The S&P 500 added nearly 11 at 2,592 and the tech heavy Nasdaq added 33 points at 6,903.

Investors had fled on Monday after S&P 500 breached its 200-day moving average and closed below it for the first time since June 2016 and the Dow Jones Industrial Average dipped below its February 9 low in the session.

Elsewhere in global equity markets, the Shanghai Composite lost 0.2% after climbing as much as 0.9% in early trading, while the Stoxx Europe 600 slipped as much as 1.3% before finishing down 0.5%.

In the bond market, treasuries are giving back ground after ending the previous session slightly higher.

Music-streaming service Spotify Technology SA stayed in the spotlight in its second day of trading on the New York Stock Exchange.

Amazon and Tesla, the top drags yesterday, rose, with the Dow and the S&P opening above their 200-day moving averages.

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