Global Market Round Up || US Stocks Retreat But FTSE 100 Ends In Red

• US stock markets closed lower on Thursday, June 3, dragged down by bluechip stocks as investors waited for the latest economic data from the Labor Department in a lacklustre session.

• The S&P 500 shed 0.36 per cent to 4,192.85. The Dow Jones dropped 0.07 per cent to 34,577.04. The NASDAQ Composite Index was down 1.03 per cent b to 13,614.51. The small-cap Russell 2000 shed 0.81 per cent to 2,279.25.

• Investors were waiting for new labor data slated on Friday after the government announced several tax measures over the week. The White House has been trying to build a consensus on a minimum 15 per cent corporate gains tax on earnings of the US companies overseas.

• President Biden also has indicated that he may be willing to accept a US$1 trillion infrastructure bill during a meeting with Republican Senator Shelley Moore on Wednesday. Talks over the bill had gone into limbo after the GOP proposed US$928 billion in response to Biden's US$1.7 trillion.

• Markets appeared to adopt a wait and watch approach amid mixed cues from the economy. While the pandemic situation has improved, consumer demand has returned, and production picked up, concerns over inflation, which can eat into investors' profits, dashed the enthusiasm.

• Apple Inc. (APPL) declined 1.22%, Inc. (AMZN) shed 1.25%, Microsoft Corp. (MSFT) dropped 0.64%, and Alphabet Inc. (GOOGL) ticked down 0.97%.

• Stocks of Ford Motor Co. (F) rose more than 7 per cent and General Motors Co (GM) rose more than 6%. Technology stock Nvidia Corp. gained 2.29%, while Splunk Inc. (SPLK) shed over 9%. Shares of pharma major Merck & Co Inc. rose around 2%.

• Shares of investment bank Goldman Sachs Group Inc. (GS) jumped 1.38 per cent after its president John Waldron forecast a better performance of the company from the SPAC deals this year. Goldman Sachs logged revenue of US$3.8 billion in Q1, an increase of 73 per cent YoY.

• Meme stock AMC Entertainment Holdings Inc. (AMC) plunged more than 17 per cent after seeing three consecutive days of rallies. The stock has been witnessing ups and downs over the past few weeks.





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