Asia stocks are mostly lower as worries about potentially escalating tensions in the Middle East rattle financial markets. U.S. futures rose and oil prices fell. The retreat in Asia on Monday following a mixed start to earnings reporting season that took the S&P 500 down 1.5% on Friday. The Dow dropped 1.2%, and the Nasdaq composite fell 1.
Currency traders work near the screen showing the Korea Composite Stock Price Index at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 15, 2024. A currency trader passes by the screen showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 15, 2024.
“While the drone attack has grabbed headlines, its immediate impact on global markets, particularly oil prices and inflation concerns, may be subdued,” Stephen Innes, managing partner at SPI Asset Management, said in a commentary. “The precision and limited lethal impact of Iran’s response suggest a strategic approach aimed at minimizing damage rather than escalating tensions.”U.S. stocks soar above global markets, giving investors solid path for growthIn currency trading, the U.S.
JPMorgan Chase was one of the heaviest weights on the market and sank 6.5% despite reporting stronger profit for the first three months of the year than analysts expected. The nation’s largest bank gave a forecast for a key source of income this year that fell below Wall Street’s estimate, calling for only modest growth.
U.S. stock indexes had already run to records in part on expectations for such cuts. Without easier interest rates, companies will need to produce bigger profits to justify their stock prices, which critics say look too expensive by various measures.
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