US and Hong Kong stock markets showed mixed performance on Friday and last week, with the Dow Jones rising while the Nasdaq declined. The Dow Jones increased 235 points or 0.46% to close at 51,947, the S&P 500 edged up 3 points or 0.05% to 7,411, while the Nasdaq fell 161 points or 0.64% to 24,975. The movements came as Pakistan reportedly explored pathways to restart stalled US-Iran negotiations, easing Middle East tensions and causing international oil prices to retreat from highs. Hong Kong's Hang Seng Index closed at 24,963 last week, gaining 401 points for the week while consolidating between its 10-day, 20-day, and 50-day moving averages.
US Stocks Show Mixed Performance on Friday
The Dow Jones Industrial Average rose 235 points or 0.46% to 51,947 on Friday, after reaching an intraday high with a 406-point gain. The S&P 500 increased 3 points or 0.05% to 7,411, while the Nasdaq Composite declined 161 points or 0.64% to 24,975. International oil prices retreated from highs as Pakistan reportedly explored pathways to restart stalled US-Iran negotiations amid ongoing Middle East tensions.
Philadelphia Semiconductor Index Declines 4.25%
The Philadelphia Semiconductor Index fell 4.25% on Friday. Intel's stock price dropped below $100 at the market open on Friday despite showing business improvements. The US 10-year Treasury yield fell 5.3 basis points to 4.65%, while the 2-year yield decreased 5.1 basis points to 4.309%, with both yields later narrowing their declines. The US Dollar Index fell 0.19% to 101.25 before stabilizing, while the Japanese yen rose as much as 0.13%.
US Economic Data Exceeds Expectations
The US July Services Purchasing Managers' Index (PMI) preliminary reading came in at 53.6, exceeding the market expectation of 51.5. US new home sales for June increased 1.6% month-on-month to 628,000 units on an annualized basis, surpassing the expected 607,000 units.
Hong Kong Stocks Gain 401 Points for the Week
The Hang Seng Index closed at 24,963 last week, gaining 401 points for the week. The index fell below its 5-day moving average but remained above its 10-day, 20-day, and 50-day moving averages. The 10-day and 20-day moving averages crossed above the 50-day moving average, forming a golden cross signal. The index consolidated between 24,800 and 25,300 levels. Thursday this week marks the futures settlement day, with the peak rollover period beginning today.
FAQ
What were the closing levels of major US stock indices on Friday?
The Dow Jones closed at 51,947 (up 235 points or 0.46%), the S&P 500 closed at 7,411 (up 3 points or 0.05%), and the Nasdaq closed at 24,975 (down 161 points or 0.64%).
What US economic data was released and how did it compare to expectations?
The US July Services PMI preliminary reading was 53.6, exceeding the expected 51.5. US June new home sales increased 1.6% month-on-month to 628,000 units (annualized), surpassing the expected 607,000 units.
How did Hong Kong stocks perform last week?
The Hang Seng Index gained 401 points for the week to close at 24,963, remaining above its 10-day, 20-day, and 50-day moving averages while consolidating between 24,800 and 25,300 levels.
