The stock markets in the United States fluctuated and eventually ended the trading session with the S&P 500 and Dow Jones slightly down today. The NASDAQ and Russell 2000 gained. Investors are becoming increasingly concerns about the slowdown of the European economy.
In a telephone interview with Bloomberg, Steve Bombardiere, an equity strategist at Conifer Securities LLC commented, “There was some nervousness at first out of Europe, but as often is the case some of that’s fading as European markets close. We don’t see any real earnings blowups or economic data that hurt the market.”
Chris Hohn the founder and manager of TCI Fund Management was the star speaker at this year's London Value Investor Conference, which took place on May 19th. The investor has earned himself a reputation for being one of the world's most successful hedge fund managers over the past few decades. TCI, which stands for The Read More
In addition, Bombardiere also noted, “As it happens very often, we see a dip and people buy in, there’s still some fear in the market that if you don’t buy in, you’re left watching.”
Today, Bank of England Governor Mark Carney revealed a lower economic growth and inflation forecast in United Kingdom, which ignited concerns that the slowdown in Europe could weigh on the U.S. economy.
Joe Franklin, president of Franklin Weight Management commented that authorities in Europe are doing everything to revive their economies. However, he noticed that the problem is the region is divisiveness. He said, “Europe is so fractured that you can’t get them to work together. The main issue is these countries need to work together.”
Germany’s Chancellor Angela Merkel opposed the move of European Central Bank (ECB) President Mario Draghi on quantitative easing. Markel is pushing for fiscal discipline across the European region.
- Dow Jones Industrial Average (DJIA) – 17,611.88 (-0.02%)
- S&P 500- 2,038.20 (-0.02%)
- NASDAQ- 4,653.14 (+0.03%)
- Russell 2000- 1,186.87 (-0.59%)
- EURO STOXX 50 Price EUR- 3,047.30 (-1.85%)
- FTSE 100 Index- 6,611.04 (-0.25%)
- Deutsche Borse AG German Stock Index DAX- 9,210.96 (-1.69%)
- Nikkei 225- 17,197.05 (+0.43%)
- Hong Kong Hang Seng Index- 23.938.18 (+0.55%)
- Shanghai Shenzhen CSI 300 Index- 2,594.32 (+1.40%)
Stocks in Focus
The stock price of Fossil Group Inc (NASDAQ:FOSL) climbed more than 8% to $112.48 per share after the company announced its plan to repurchase its shares worth $1 billion. The company reported better than expected third-quarter earnings of $1.96 per share compared with the $1.82 per share consensus estimate.
The shares of SeaWorld Entertainment Inc (NYSE:SEAS) declined more than 9% to $16.85 per share after reporting third quarter earnings that missed the expectations of Wall Street analysts.
Twitter Inc (NYE:TWTR) gained more than 7% to $42.54 per share today. The company reignited Wall Street’s positive sentiment after disclosing its plan to resolve its user growth problem during its analyst day. Twitter will be launching Instant Timeline to provide users with interesting content.