HomeFinancial MarketsGlobal Stocks Decline as Wall Street Rally Winds Down

Global Stocks Decline as Wall Street Rally Winds Down

Global stocks slipped on Monday after New York’s second-quarter rally fizzled out at the end of last week. The rally was able to reverse over a year of losses induced by 10 consecutive Federal Reserve interest rate hikes.

The pan-European Stoxx Europe 600 edged 0.5% lower on Monday morning, with chemical and construction companies leading declines. Sartorius AG freefell by 15% after it issued a larger-than-expected profit warning.

Asian stocks were also on the decline, with the MSCI Asia Pacific Index slipping by 0.6%. Losses were led by Alibaba Group Holding Ltd, JD.com Inc., and Baidu Inc, all of which fell by more than 3%. The MSCI Emerging Markets Index was down by 0.7%.

With U.S. markets closed on Monday due to a holiday, investors are set to keep an eye on the Federal Reserve’s actions as a means of gauging the market’s potential trajectory going forward.

Fed Chair Jerome Powell is slated to deliver his semi-annual report to Congress on Wednesday, with Federal Reserve Bank of St. Louis President James Bullard and his colleague hailing from New York and Chicago set to speak as well.

Warren Buffett to Step Down as Berkshire Hathaway CEO at the End of 2025

Warren Buffett is ready to step down as the CEO of multinational conglomerate Berkshire Hathaway. Buffet announced his decision while speaking at the company’s...

Microsoft Stock Soars on Better-Than-Expected Q3 Earnings

Microsoft reported better-than-expected third-quarter earnings on Wednesday, which caused the company's stock to soar by more than 8% in after-hours trading. Microsoft reported $3.46 in...

Gold Continues to Drop From Record Highs, Dollar Ends Its Slide

After reaching fresh record highs at the beginning of last week, gold has been in the midst of a continuous drop. Meanwhile, the U.S....