Market Commentary: Markets Open Down

January 30th, 2015
in Gary's blogging, market open, syndication

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Opening Market Commentary For 30 January 2015

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U.S. stocks opened lower on Friday, putting major indexes on track for a second straight monthly decline, as data showed U.S. gross domestic product grew less than expected in the last quarter of 2014.

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Energy stocks were among the biggest drags of the day after Chevron Corp (N:CVX) reported a sharp drop in its quarterly earnings. The Dow Jones industrial average (DJI) fell 55.04 points, or 0.32 percent, to 17,361.81, the S&P 500 (SPX) lost 5.44 points, or 0.27 percent, to 2,015.81 and the Nasdaq Composite (IXIC) dropped 11.64 points, or 0.25 percent, to 4,671.76.

European stocks were higher on Friday, supported by the release of upbeat data from France and Spain, while investors still awaited reports on euro zone inflation and unemployment due later in the trading session. During European morning trade, the EURO STOXX 50 added 0.27%, France’s CAC 40 edged up 0.23%, while Germany’s DAX 30 rose 0.29%. Official data earlier showed that French consumer spending increased by 1.5% in December, exceeding expectations for a 0.2% rise. November's figure was revised to a 0.2% gain from a previously estimated 0.4% advance. Data also showed that Spanish gross domestic product rose 0.7% in the fourth quarter of 2014, above expectations for a 0.6% gain, up from a growth rate of 0.5% in the previous quarter.

Asian shares were mixed Friday on ongoing concerns about global growth. Japan's Nikkei 225 rebounded about 1% in early trade as the availability of jobs in Japan rose to the highest level in more than two decades and the jobless rate fell in December, while core consumer prices excluding an April sales tax hike were still lagging the Bank of Japan's 2 per cent inflation goal. The Hang Seng index gained 0.29%, while the Shanghai Composite was off nearly 1% as investors noted mild turbulence in China's money market.

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