On the currency front, the USA dollar is trading at 119.04 yen compared to the 119.44 yen it fetched at the close of NY trading on Monday.
USA stocks are wobbling Tuesday morning as global markets stabilize a day after a plunge in China unsettled investors worldwide.
Empty Champagne glasses are placed on the cubicles of stock traders following the ceremonial ringing-of-the-bell to usher the start of the trading for the New Year at the Philippine Stock Exchange.
Stocks fell sharply on Monday, the first trading day of 2016, as part of a global sell-off. The Standard & Poor’s 500 index lost 41 points, or 2 per cent, to 2,002.
At 9.38am ET, the Dow Jones industrial average was up 22.12 points, or 0.13 per cent, at 17,171.06, the S&P 500 was up 4.5 points, or 0.22 per cent, at 2,017.16 and the Nasdaq Composite index was up 9.26 points, or 0.19 per cent, at 4,912.35. The resulting stock drop markets in Shanghai and Shenzhen led authorities to halt trading under a “circuit breaker” mechanism announced late previous year.
USA stocks plunged Monday, the first trading day of the year, roiled by new evidence of an economic slowdown in China as well as increasing political tensions in the Middle East spurred by the execution of a prominent Shiite cleric in Saudi Arabia. “That’s growth we would kill for in the USA”, he said.
The Caixin/Markit index of Chinese manufacturing, which is based on a survey of factory purchasing managers, fell in December for the 10th straight month. Alibaba Pictures Group was up 1.56% at HK$1.95; IMAX China was down 1.92% at HK$53.6; social media giant Tencent was down 3.1% at HK$149.4; Fosun International was down 3.64% at HK$11.66. While the U.K.’s FTSE 100 Index has climbed by 0.6 percent, the French CAC 40 Index and the German DAX Index are both up by 0.2 percent.
“Investors appear non-too convinced by government efforts to stabilise stocks in China”, said Jasper Lawler, a market analyst at CMC Markets UK. Saudi Arabia is contemplating cutting its diplomatic relations with Iran.
Advancing issues outnumbered declining ones on the NYSE by 1,781 to 1,281, for a 1.39-to-1 ratio on the upside; on the Nasdaq, 1,412 issues rose and 1,379 fell for a 1.02-to-1 ratio favoring advancers. The Nasdaq composite gave up 133 points, or 2.7 per cent, to 4,874.
The S&P has gone up in 39 of the last 50 years, Coats said, but timing the market and predicting swings from one day to the next is tricky – and potentially costly.
The world’s markets all responded with falling stocks. Baldanza helped make Spirit into an “ultra-low cost carrier” with low prices and fees for everything from snacks, seat assignments, and space in overhead bins. Brent crude, which is used to price global oils, was little changed at $37.27 a barrel in London.
It took no time at all for fears about China’s economic slowdown and market gyrations there to put US investors in a bad mood this year. The euro strengthened to $1.0747 from $1.0744.
Bond prices rose. The yield on the 10-year Treasury note fell to 2.20 percent.