US stocks open mostly flat as dollar continues to soar
[NEW YORK] US stocks opened flat Friday as the US dollar climbed to its highest level in almost 14 years against other currencies.
Five minutes into trading, the blue-chip Dow Jones Industrial Average was down less than 0.1 per cent at 18,895.81, the S&P 500 was virtually unchanged at 2,187.71. The tech-rich Nasdaq rose 0.1 per cent to 5,341.68.
The ICE dollar index hit its highest level since April 2003, with markets anticipating higher US inflation and interest rates in the near future.
Shares in clothing retailer Gap Inc sank 9.9 per cent after the firm announced a drop in third quarter profits Thursday of nearly 18 per cent on costs due to store closures outside North America.
Other clothing retailers also fell. Abercrombie & Fitch, which also reported downbeat quarterly results on falling sales, lost 11.6 per cent, and American Eagle Outfitters was fell 4.2 per cent.
AFP
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore stocks end lower after US market wobbles ahead of CPI data; STI down 0.2%
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%