Market Commentary - Foreign Markets
25-Feb-2025 11:01
Wall Street Faces Volatility as Trump's Tariff Announcement Weighs on Markets
Semiconductor stocks moved sharply lower, resulting in a 3 percent nosedive by the Philadelphia Semiconductor Index. Computer hardware, networking and software stocks also saw considerable weakness, contributing to the steep drop by the tech-heavy Nasdaq. Retail stocks too moved notably downwards while significant strength was visible among pharmaceutical stocks.
Asia-Pacific stocks moved mostly lower with the Japanese markets closed in observance of the emperor's birthday. Hong Kong's Hang Seng Index slid by 0.6 percent, while China's Shanghai Composite Index dipped by 0.2 percent. The major European markets turned in a mixed performance. the German DAX Index climbed by 0.6 percent, the U.K.'s FTSE 100 Index closed just below the unchanged line and the French CAC 40 Index fell by 0.8 percent.
In the bond market, treasuries moved higher, extending the strong upward move seen over the two previous sessions. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, fell 2.7 bps to a two-month closing low of 4.39%.
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