International markets update:
Global markets displayed a mixed sentiment, as Wall Street extended its declines for a third day while investors awaited the European Central Bank’s rate decision and digested significant tech product launches.
- Wall Street experienced a third consecutive day of declines, with the Dow falling 400 points, as higher Treasury yields continued to pressure the U.S. stock market.
- The European Central Bank is widely expected to implement a rate hike of at least 25 basis points today, with all eyes on President Christine Lagarde’s announcement.
- Former President Trump pledged a $5,000 “dividend” to every adult American, a promise costing an estimated $1.3 trillion, contingent on Republicans winning control of Congress in the midterm elections.
- Apple unveiled its first foldable phone, the iPhone Duo, alongside other new products at its “Surprise and Shine” event, with the high price tag initially dampening stock performance before an after-hours recovery.
- Samsung intensified its efforts to attract iPhone users to its foldable devices, reporting a significant increase in iOS users switching to its latest Galaxy Z Fold8 series, positioning itself against Apple’s new market entry.
- UBS CEO Sergio Ermotti cautioned against investor complacency, highlighting the growing geopolitical and economic risks that demand careful attention from market participants.
Stock Market News summarised for the Wall Street Investors Club community.