The S&P 500 is on track for its first gain since Christmas, but a report on U.S. manufacturing and a deal blockage involving U.S. Steel could change the momentum. European shares fell, while Asian markets were mixed, with China's markets extending their losses.
NEW YORK (AP) — The S&P 500 may be heading for its first gain since Christmas. The main gauge of Wall Street ’s health rose 0.5% in early trading Friday and was on track to break a five-day losing streak. The Dow Jones Industrial Average was up 216 points, or 0.5%, and the Nasdaq composite was 0.6% higher. A report coming later in the morning could change the momentum, though. Economists expect it to show U.S. manufacturing is continuing to shrink. U.S.
Steel slumped after President Joe Biden blocked a nearly $15 billion deal proposed by Japan’s Nippon Steel to buy the company. European shares fell on Friday after a mixed trading session in Asia, as mainland Chinese markets extended their losses for the first week of the new year. Germany’s DAX shed 0.3% to 19,967.34 and the CAC 40 in Paris lost 0.7% to 7,345.59. Britain’s FTSE 100 edged 0.1% lower, to 8,256.98. The future for the S&P 500 rose 0.4% and that for the Dow Jones Industrial Average was 0.3% higher. Japan's market was closed for the New Year holiday. The dollar remained steady, trading at 157.24 Japanese yen, down from 157.51 yen. In early December, it had been hovering around 150 yen. Hong Kong stocks rallied from Thursday's slump, with the Hang Seng surging 0.7% to 19,760.27. But shares in Shanghai and the smaller market in Shenzhen sank, reflecting worries that U.S. President-elect Donald Trump might raise tariffs on imports from China and other Asian countries after he takes office later this month. The Shanghai Composite index dropped 1.6% to 3,211.43. Shenzhen's benchmark dropped 2.7%. South Korea's Kospi jumped 1.8% to 2,441.92, with the giant SK Hynix Inc. up 6.4% and Samsung Electronics Co. gaining
WALL STREET S&P 500 DOW JONES NASDAQ MANUFACTURING GLOBAL MARKETS EUROPEAN SHARES ASIAN MARKETS CHINA US STEEL TARIFFS
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