Nasdaq 100 Edges Lower After Closing Above 30,000 Points
The global markets saw mixed results in Asia, as Hong Kong's Hang Seng fell nearly 1% while South Korea's KOSPI and Japan's Nikkei advanced. Despite this, investors are taking some profits following strong gains over the past few days, supported by Wall Street's performance, lower oil prices, and a softer-than-expected US Producer Price Index reading.
Tech stocks performed well in Asia, particularly Japanese and South Korean semiconductor companies. The Nasdaq 100 futures edged lower, down just under 0.2%, but the index closed above 30,000 points for the first time since mid-July. The S&P 500 reached a new all-time high, climbing above 7,800 points.
Today's key macroeconomic releases include the preliminary estimate of eurozone GDP for Q2 and US retail sales for July. Investors will also be watching the University of Michigan's preliminary US consumer sentiment and inflation expectations for August. Precious metals are trading lower, with silver down around 1% and gold falling 0.7% toward $4,300.
The US dollar is weakening, while EURUSD is testing the 1.154 area. Oil prices remain broadly stable, with Brent crude trading near $87 per barrel. The Pentagon has indicated that a naval blockade of Iranian ports could be maintained indefinitely.