FTSE 100: 7471.01 ▲ 17.53 (0.24%)

Overnight Markets: Tech stocks lift Nasdaq

Overnight Markets: Tech stocks lift Nasdaq

by Himanshu Singh Dec 07, 2017 at 03:07

Wall Street was little changed on Wednesday as investors awaited more details on what the final tax overhaul from Congress will look like.

The Nasdaq composite rose 0.21% to close at 6,776. The S&P 500 closed around breakeven at 2,629. The Dow Jones industrial average slipped 40 points to close at 24,141.

Tech stocks rose after Facebook shares gained nearly 2%. Microsoft added 1.5%.

Energy sector fell 1.3% as oil prices slipped more than 2% after a surprise rise in US inventories of refined products suggested demand may be flagging. Schlumberger, Exxon and Chevron fell between 0.4% and 2.3%, helping push the S&P 500 energy index down 1.2%.

Investors scrutinised Washington as they awaited new details on Congress negotiations to overhaul the US tax code. They also looked ahead to a potential government shutdown. If Congress fails to craft a deal on government spending by the end of the week, the federal government could close until a deal is struck.

In corporate news, drone maker AeroVironment shares hit an all-time high after the company posted strong quarterly sales.

Meanwhile, OSI Systems plunged nearly 30% after famed short seller Carson Block called the company "rotten to the core."

Home Depot slipped 0.9% after the home improvement retailer announced a $15 billion share repurchase plan. The stock was the biggest drag on the Dow.

H&R Block surged 9.2% after the tax preparation service provider reported better-than-expected revenue.

In Asia, shares were mixed on Thursday in morning session as major US indexes closed narrowly mixed as investors awaited tax reform developments.

Japan's Nikkei 225 bounced 1.27% after falling nearly 2% in the previous session. Across the Korean Strait, the benchmark Kospi index slipped 0.36%. Down Under, the S&P/ASX 200 advanced 0.57%.

Greater China markets were mixed. Hong Kong's Hang Seng Index rose 0.48%. On the mainland, the Shanghai Composite was 0.25% lower and the Shenzhen Composite edged down by 0.19%.

 

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