Fri, 29 Sep 2023

U.S. stocks roar as IPO market rallies on Arm listing

Lola Evans
15 Sep 2023, 06:13 GMT+10

NEW YORK, New York - A powerful debut by Arm on the IPO market lifted the broader markets Thursday with all the major indices making solid ground.

"The successful IPO of Arm certainly helps confidence," Art Hogan, chief market strategist at B. Riley Financial told CNBC Thursday.

"It's not the biggest deal we've ever seen, and it certainly was priced well and it's holding up well. So, getting that behind us sort of instills some confidence that perhaps the capital markets window is going to open again after virtually being closed for the last 18 months," Hogan said.

Arm gained 24.69 percent on the day, adding $12.59 to its listing price of $51.00. The stock closed Thursday at $63.59 a share.

In Europe the ECB lifted official interest rates to 4 percent, the highest level ever since the launch of the euro.

In the United States, the S&P 500 closed at 4,505.10, marking an increase of 37.66 points, equivalent to 0.84 percent. With a trading volume of 2.236 billion, the index demonstrated strength, buoyed by various economic factors.

The Dow Jones Industrial Average (DJIA) performed even better, concluding the day at 34,907.11, up by 331.58 points or 0.96 percent. A trading volume of 303.345 million underscored the index's robust performance, driven by positive market sentiment.

Over in the tech-heavy NASDAQ Composite, investors also witnessed gains as it closed at 13,926.05, up by 112.47 points, or 0.81 percent. The index reported a substantial trading volume of 4.207 billion, indicative of strong investor interest in tech stocks.

Global Foreign Exchange Market: Thursday's Closing Rates

In the foreign exchange market, the EUR/USD currency pair closed at 1.0641, registering a decline of 0.82 percent, or a decrease of 0.0087 compared to the previous session. The euro weakened against the US dollar despite the historic ECB interest rate hike to four percent..

The USD/JPY pair showed a slight increase, closing at 147.46, which represented a 0.01 percent rise, equivalent to 0.012. The US dollar edged up against the Japanese yen, as investors reacted to global economic trends.

The USD/CAD currency pair ended the day at 1.3517, with a decrease of 0.23 percent, reflecting a drop of 0.0030. The US dollar lost ground against the Canadian dollar, impacted by various economic factors.

Meanwhile, the GBP/USD pair closed at 1.2405, down by 0.67 percent, or 0.0084. The British pound saw a decline against the greenback Thursday amid economic developments and market dynamics.

In the pairing of the USD/CHF, the US dollar strengthened against the Swiss franc, closing at 0.8960, with a 0.28 percent increase, or 0.0024.

The AUD/USD currency pair surprisingly went against the trend, concluding at 0.6435, reflecting a 0.22 percent increase, equivalent to 0.0014.

Lastly, the NZD/USD pair closed at 0.5908, down by 0.0016 percent, or 0.0009. The New Zealand dollar faced some depreciation against the dollar, influenced by global economic conditions.

Thursday's foreign exchange market performance showcased a raft of gains for the U.S. dollar, with on ly the Australian and Canadian dollars showing resistance.

Global Stock Markets Show Gains on Thursday

Thursday's closing world stock market quotes indicated positive gains in most of the major indices.

CANADA

In Canada, the S&P/TSX Composite index concluded at 20,567.84, up by 288.90 points, reflecting a 1.42 percent gain. The index reported a trading volume of 240.222 million, signaling robust investor interest.

UNITED KINGDOM

In London, the FTSE 100 saw a notable increase of 147.09 points, representing a 1.95 percent rise, closing at 7,673.08.

EUROPE

In Europe, the ESTX 50 PR.EUR showed strength, closing at 4,279.75, up by 56.27 points or 1.33 percent. The Euronext 100 Index also posted gains, closing at 1,354.33, with an increase of 18.42 points or 1.38 percent.

The DAX PERFORMANCE-INDEX in Germany also posted gains Thursday, closing at 15,805.29, up by 151.26 points or 0.97 percent. Meanwhile, the CAC 40 in France closed at 7,308.67, marking an 86.10-point increase, or 1.19 percent.

In Belgium, the BEL 20 closed at 3,689.75, up by 49.04 points, or 1.35 percent.

RUSSIA

Going against the trend, the MOEX Russia Index experienced a slight decline, closing at 2,222.51, down by 4.14 points or 0.19 percent.

ASIA

Over in Asia, the Nikkei 225 in Japan experienced a significant boost Thursday, closing at 33,168.10, up by 461.58 points, which translates to a 1.41 percent increase. The HANG SENG INDEX in Hong Kong showed a more modest uptick, closing at 18,047.92, up by 38.70 points, or 0.21 percent.

In China, the SSE Composite Index closed at 3,126.55, with a minimal increase of 3.48 points, or 0.11 percent. Conversely, the Shenzhen Index saw a slight decline, closing at 10,197.59, down by 58.28 points or 0.57 percent.

In Singapore, the STI Index closed at 3,249.51, with a 0.95 percent increase of 30.58 points.

Moving to India, the S&P BSE SENSEX showed a modest gain Thursday, closing at 67,519.00, up by 52.01 points or 0.08 percent. India's NIFTY 50 meantime closed at 20,103.10, with a 0.16 percent increase of 33.10 points.

In Indonesia, the IDX COMPOSITE closed at 6,959.33, with a 0.34 percent increase, or 23.86 points.

Malaysia's FTSE Bursa Malaysia KLCI closed at 1,449.58, down by 3.96 points or 0.27 percent.

In South Korea, the KOSPI Composite Index performed well, closing at 2,572.89 Thursday, up by 38.19 points or 1.51 percent. Taiwan's TSEC weighted index also showed strength, closing at 16,807.56, up by 226.05 points or 1.36 percent.

OCEANIA

Australia's S&P/ASX 200 closed at 7,186.50, with a 0.46 percent increase, equivalent to 32.60 points.

Also in Australia, the ALL ORDINARIES closed at 7,382.70, with a 0.50 percent increase, gaining 37.00 points.

New Zealand's S&P/NZX 50 INDEX GROSS closed at 11,313.53 Thursday, with a decrease of 43.59 points or 0.38 percent.

AFRICA

In Africa, South Africa's Top 40 USD Net TRI Index concluded at 3,907.15, up by 27.15 points or 0.70 percent.

MIDDLE EAST

Israel's TA-125 closed at 1,865.74, with a 0.50 percent increase, gaining 9.24 points. In Egypt, the EGX 30 Price Return Index concluded at 19,540.30, up by 178.60 points or 0.92 percent, with a trading volume of 142.998 million.

Thursday's global stock market performance reflects a mixed picture of gains and losses across various international indices, with most markets closing on a positive note, while others experienced marginal declines. Investors continue to monitor economic developments and geopolitical events for potential market impacts.

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