European markets were mixed Tuesday as some of the momentum that powered a stellar month subsides.
The Stoxx 600 index closed 0.4% higher, having turned positive in afternoon trade. Autos stocks ended the session 1.2% higher while mining stocks dropped 0.9%.
EUROPEAN MARKETS
| TICKER | COMPANY | PRICE | CHANGE | %CHANGE |
|---|---|---|---|---|
| .FTSE | FTSE 100 | 7554.47 | 40.75 | 0.54 |
| .GDAXI | DAX | 16759.22 | 0 | 0 |
| .FCHI | CAC 40 Index | 7526.55 | 0 | 0 |
| .FTMIB | FTSE MIB | 30403.9 | 282.13 | 0.94 |
| .IBEX | IBEX 35 Idx | 10223.4 | 0 | 0 |
Telecom stocks were among the biggest movers, with Ericsson up 4.4% after striking a deal with AT&T to build a next-generation telecom network, while Nokia plunged 8.4% on its expected losses as a result.
Trading in small-cap firms on the London Stock Exchange was briefly suspended during morning trade, which was attributed by operator LSEG to an “incident” without further detail being provided. It was the second temporary suspension in recent months.
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The prospect of rate cuts, and more imminently another hold from the U.S. Federal Reserve at its next policy meeting in mid-December, sent the S&P 500 to a 2023 high last Friday after a five-week winning streak. Meanwhile, the Dow Jones Industrial Average in November enjoyed its best month since October 2022.
The upward momentum continued despite Fed Chair Jerome Powell’s efforts to temper market expectations for incoming rate cuts, as he argued it was “premature to conclude with confidence” that monetary policy was “sufficiently restrictive.”
Gold prices notched a record high on Monday for a second consecutive day, with spot prices touching $2,100, with analysts citing geopolitical uncertainty, a likely weaker U.S. dollar and possible interest rate cuts as further catalysts for bullion heading into next year.
Overnight, Asia-Pacific markets fell across the board as investors assessed a slew of economic data from across the region. U.S. stocks were lower Tuesday as the major averages took a break from their latest hot streak.
TUE, DEC 5 202310:04 AM EST
U.S. stocks open lower
U.S. stocks opened lower Tuesday as a recent rally on Wall Street lost steam.
The Dow Jones Industrial Average traded down 0.3% in early deals. The S&P 500 was flat while the Nasdaq Composite rose 0.4%.