S& P 500 and Dow rise while Nasdaq slips as technology stocks slide

By IFCMarkets

Amazon offers to acquire Whole Foods for $13.7 billion

US stock indices closed mixed on Friday. The dollar weakened: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, inched down 0.37% to 97.115. S&P 500 ended less than a point higher at 2433.14 led by energy stocks, up 1.7%. Consumer staples stocks finished 1% lower as retailers like Kroger and Costco sank on news Amazon bid $13.7 billion for Whole Foods. The Dow Jones industrial average rose 0.1% to 21384.28, a record high, buoyed by gains in Chevron and Exxon Mobil. The Nasdaq composite index lost 0.2% closing at 6151.76 as technology stocks resumed the decline amid concerns technology stocks are overvalued.

 DJI

European stocks advance despite plunge in retail stocks

European stock indices advanced on Friday as gains in food and beverage firms offset a plunge in retailers. Both the euro and British Pound ended higher against the dollar. The Stoxx Europe 600 index closed up 0.7%, with only consumer services sector finishing lower as some supermarket chains suffered heavy losses on news Amazon bid almost $14 billion to acquire Whoel Foods Market Inc. The DAX 30 added 0.5% to 12752.73. France’s CAC 40 outperformed gaining 0.9% and UK’s FTSE 100 rose 0.6% to 7463.54. The indexes opened higher today.

Asian stocks firmly up

Asian stock indices are rising today following a mixed session on Wall Street on Friday. Nikkei closed 0.6% higher at 20067.75 today as data showed Japanese exports rose at their fastest pace in May since January 2015 and yen weakened against the dollar . The Chinese stocks are higher as concerns about tightening liquidity subsided: the Shanghai Composite Index is up 0. 7%, and Hong Kong’s Hang Seng Index is 1% higher. Australia’s All Ordinaries Index is up 0.5% as the Australian dollar slipped against the greenback.

Oil down on rising US output

Oil futures prices are lower today on report higher US oil production contributes to sustained global oversupply despite OPEC led initiative including major producers like Russia to cut production to tighten the market. The US oil rig count rose by 6 last week, 22 weeks in a row. Prices ended higher on Friday: August Brent crude gained 0.1% settling at $47.37 a barrel on London’s ICE Futures exchange.


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