Global stocks were mixed Monday after wild swings in tech shares dragged markets lower last week. U.S. stock trading is closed for the Labor Day holiday.
The pan-continental Stoxx Europe 600 rose 1.1%. The Shanghai Composite fell 1.9% and Japan’s Nikkei 225 slipped 0.5%. Korea’s Kospi was among the few risers in Asia, up 0.7%. The gains in Europe came as data on German industrial production showed a continued, but slowing, recovery. But concerns remained that the long-running tech rally which has driven major U.S. benchmarks to record highs, skewing indexes toward technology companies, might be coming to an end.
In the U.S., futures tied to the S&P 500 ticked down 0.2%. Futures tied to the tech-heavy Nasdaq slipped around 1%, after it on Friday posted its largest weekly decline since the week ending March 20. “We’re getting a bit of a rotation out of the stay-at-home trade. That’s boding well for the value and cyclical stocks,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “It also should be good for Europe as while infections have risen a little bit, death rates are extremely low and people are starting to focus on the recovery.”
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