Stock market today: The owner of Versace and Jimmy Choo just lost half its value in 24 hours—and Wall Street ended its six-week winning streak
Wall Street said goodbye to its six-week winning streak at market close on Friday, as Treasury yields climbed and investors wrestled with high valuations amid mixed earnings. One of the biggest losers Friday was Capri Holdings Ltd., which lost nearly half its value after a federal judge blocked its acquisition by Tapestry.
- S&P 500: 5,808.12 ⬇️ down 0.030%
- Nasdaq Composite: 18,518.61 ⬆️ up 0.56%
- Dow Jones Industrial Average: 42,114.40 ⬇️ down 0.61%
- STOXX Europe 600: 518.81 ⬇️ down 0.033%
- CSI 300: 3,956.42 ⬆️ up 0.70%
- Nikkei 225: 37,913.92 ⬇️ down 0.60%
- Bitcoin: $66,748.76 ⬇️ down 2.08%
U.S.: Nasdaq climbs on strong tech stocks while Dow and S&P slip on mixed outlook
The S&P 500 edged down 0.03%, breaking its longest weekly winning streak this year, while the Dow Jones Industrial Average also lost ground, down 0.61%. Only the Nasdaq Composite rose, up 0.56%, driven by strong performances in tech stocks. Capital One surged over 6% after beating third-quarter earnings expectations, while Deckers Outdoor soared more than 10% following a raised annual forecast. But luxury brand owner Capri Holdings, the owner of Jimmy Choo, Versace, and Michael Kors, was down more than 48%, adding fresh uncertainty to the company’s outlook. Rising Treasury yields also weighed on sentiment, with the 10-year yield increasing to 4.24%, making equities a tougher sell.
Europe: Shares fall as weak earnings drag markets
European stocks closed lower Friday after several companies missed earnings expectations. The Stoxx Europe 600 declined by 0.033%, as German automaker Mercedes-Benz dropped nearly 4% following disappointing quarterly results. France’s Remy Cointreau also slipped around 1% after revising down its guidance due to weaker demand in China. Despite SAP’s strong performance earlier this week, European sentiment remained cautious, with Britain’s FTSE 100 losing 0.25%.
China: Gains as focus shifts to U.S. election
Chinese markets edged higher, with the CSI 300 rising 0.70%, as investors watched the tight U.S. election race and digested limited domestic news. The People’s Bank of China held its medium-term lending rate at 2%, following last month’s substantial rate cut, which helped support market sentiment. Hong Kong’s Hang Seng also rose modestly by 0.49%, as investors remained hopeful for stable policy conditions.
Japan: Stocks slip ahead of weekend election
Japan’s Nikkei 225 fell 0.60% as investors remained cautious ahead of Sunday’s elections. The Liberal Democratic Party’s majority status remains uncertain, casting doubt on future economic policies. Tokyo’s core inflation rate dropped to 1.8%, its lowest level in five months, fueling hopes that Japan’s central bank might avoid raising interest rates. In a mostly red market, Mazda Motor was a rare bright spot, climbing 1.56%.
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