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Home News Stock market highlights: US indices register losses, UK markets drop, cryptos mostly in the green

Stock market highlights: US indices register losses, UK markets drop, cryptos mostly in the green

Daniela Kirova
Daniela Kirova
Daniela Kirova
Author:
Daniela Kirova
Writer
Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.
January 31st, 2023

Tech-heavy NASDAQ100 suffered the biggest losses of all major US stock indices yesterday, ending 2.2% lower. So far in October, the index is down by 7.5%, although it still registered double digit growth y/y. Today, markets might be affected by the ISM Services PMI release at 14:00 GMT.  

Mass selling of tech shares

Yesterday, technology share sell-off continued. The biggest losers were Twitter (-5.8%) and Facebook (-4.9%). The SPX500’s IT and communication services sectors both lost over 2%. Identity management firm Okta and computer chip firm Nvidia lost 5.5% and 4.9% respectively.

Crypto market on the rise

The crypto market increased over the past 24 hours. This morning, most of the top 10 cryptos had registered growth. Bitcoin grew by around 3%. At the time of publication, it was changing hands at almost $50,000. XRP and Cardano grew by about 1% each. Ethereum registered small gains. Dogecoin ‘killer’ SHIBA INU rose by 57%.

UK100 down 0.2% after topsy-turvy session

The UK100 lost 0.2% after a nerve-wracking session and London-listed shares were slightly lower yesterday. The index opened at close to par and rose by less than 1% before dropping just before the market closed.

Today, all of Europe’s major markets opened higher. GER40 was most impressive, opening 41 points higher, followed by the UK100, which opened 20 points higher. The FRA40 gained 9 points.

UK winners and losers

The biggest losers yesterday were telecommunication company BT Group, Morrisons Supermarkets, and food service business Compass Group with -4.7%, 3.7%, and -2.7% respectively. The biggest winner was supermarket Sainsbury’s with a daily gain of 3.4%.

Morrisons has gained over 60% compared to Sainsbury’s 30+% y/y. Speaking about yesterday in particular, the catalyst for the competitors seemed to be hopes that Fortress Investment, who lost the auction for Morrisons, would go for Sainsbury’s instead.

Oil prices rise

Oil prices reached a 7-year peak yesterday after global oil cartel OPEC decided against pursuing a major output boost.

Asian markets mixed

Asian markets were mixed this morning. The HKG50 saw slight gains, while both the China50 and JPN225 registered small losses. Today, it’s National Day in China and banks are closed.

Shipping company shares plummet

Many shipping companies’ shares dropped in light of escalating concerns regarding a potential slowdown in manufacturing in China. Of these companies, Danaos lost the most: 13%.

Contributors

Daniela Kirova
Writer
Daniela is a writer at Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. She has over 15 years of experience as a writer, having ghostwritten for several online publications in the financial sector.