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Markets today: Stocks struggle as tech outages hit businesses

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Global equities struggled on Friday as worldwide computer systems outages hit travel, trading and banking services, threatening to exacerbate a pullback in technology stocks.

July 19, 2024 at 6:59AM EDT --

However, contracts on the Nasdaq 100 and S&P 500 indexes pared earlier losses to trade just 0.1 per cent lower. In Europe, the Stoxx 600 index was down 0.5 per cent, slipping for a fifth day. Shares in Air France-KLM, Ryanair Holdings Plc and other airlines fell heavily as flights were either grounded or delayed. LSE Group Plc, which operates the London stock exchange, recouped some of its share-price losses triggered after it said technical issues were preventing news from being published.

Market losses triggered by the outages are unlikely to last, said Rajeev De Mello, chief investment officer at Gama Asset Management, adding investors could “take advantage of such selloffs, especially in lower liquidity summer trading, and on Friday, to buy risk.”The recent moves into smaller, lower-valuation sectors were precipitated by signs the U.S.

As quarterly earnings continued to trickle in, Sartorius AG plunged 13 per cent after the German electronics maker lowered full-year guidance. Computer-games maker Ubisoft Entertainment SA slid more than eight per cent after mixed full-year targets, while gaming firm Evolution AB also tumbled after its earnings missed estimates.

 

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