The S&P 500 and Nasdaq have each extended their losing streaks to six days, declining by 3.05% and 5.52% respectively last week, primarily due to a downturn in tech stocks.
On Friday alone, the Nasdaq dropped by 2%, significantly impacted by Nvidia’s 10% fall.
In the UK, the FTSE 100 decreased by 1.25% last week amid rising tensions in the Middle East affecting investor sentiment.
However, oil markets have remained stable despite Iranian state media minimizing the impact of an Israeli retaliatory airstrike on Friday. Brent crude prices ended the week at approximately $87 per barrel, a drop from $90 the previous week.
Asian markets, except for Shanghai, generally saw gains on Monday, recovering from the recent downturn on Wall Street, where major technology stocks experienced their worst week since the 2020 COVID-19 crash.
The Hang Seng in Hong Kong led the gains in the region, rising 1.6% to 16,489.08. Conversely, the Shanghai Composite index fell by 0.5% to 3,050.89 after the People’s Bank of China maintained its 1-year and 5-year loan prime rates.
Tokyo’s Nikkei 225 increased by 0.4% to 37,219.47, with the yen continuing to weaken. The U.S. dollar climbed to 154.69 yen from 154.59 yen, reaching its highest level since 1990.
South Korea’s Kospi rose by 0.8% to 2,613.61.
Australia’s S&P/ASX 200 saw a 1% rise to 7,640.30.
