Stocks on Wall Street surged after consumer inflation eased but stayed near four-decade high. The decline in gasoline prices in the month was wiped out by the rise in food and housing costs.
Consumer prices remained high but the growth moderated after energy prices eased in July. Core index, which excludes food and energy prices, rose on a monthly and annual basis.
The Nasdaq Composite index fell for the third day in a row. Semiconductor sector led the decliners on weak demand for memory chips and high-end graphic processors.
Benchmark indexes gave up morning gains following three weeks of rise in a row. Crude oil traded volatile after a fire at Cuba's central fuel storage engulfed a third large tank on Monday.
Berkshire Hathaway swung to a quarterly loss on but earnings soared on rising insurance-investment income. Barrick Gold said gold production was stable but copper production rose in the second quarter. Nvidia plunged after missing its revenue outlook.
Stocks on Wall Street rested after advancing for three weeks in a row. Tech stocks fell after Nvidia reported a large shortfall in revenues. Investors looked ahead to the inflation report on Wednesday.
The Nikkei index in Japan closed higher following the advance in Friday's trading in New York. Tech stocks in China fell but indexes in Shanghai advanced . China's exports soared 18% despite the supply chain disruptions.
U.S. and global market indexes turned cautious after the latest U.S. labor market report. Strong job additions in July showed the labor market strength but also advanced the case for a higher and faster interest rate increases.
Stocks rebounded from the lows of the session and bond yields rose after the payrolls expanded at a faster pace in four months. The labor market strength raised the prospect of a larger rate increase at the next Fed's meeting.
Asian markets advanced and investors shifted focus to the latest batch of earnings. China is holding its largest-ever military exercises over Taiwan and landed at least five missiles near the southernmost islands of Okinawa, Japan.
Stocks on Wall Street lacked direction ahead of the release of labor force status Friday and payrolls expansions are expected to slow considerably in July. Gasoline demand at retail stations are near the lows seen two years ago at the height of the Covid-19 pandemic.
Stocks on Wall Street lacked direction after a two-day rally and ahead of monthly jobs report on Friday. Crude oil extended weekly losses on the worries of global economic slowdown.
Benchmark indexes in China rose despite the rising tensions with the U.S. and in Japan rose on positive earnings and weaker crude oil prices. Market indexes in India were cautious ahead of rate decision on Friday.
Tech stocks led the advance on Wall Street after the service sector expanded at the fastest pace in three months according to a private survey. Positive data on manufactured goods also supported the market advance.
