Euro wobbles as Italian political crisis deepens
- The euro wobbled at multi-month low against major rivals on Wednesday.
- Italy’s political crisis deepened, raising the likelihood of an early election.
The euro slipped to as low as $1.1510, its lowest level since last July, on Tuesday and last stood at $1.1542. It has fallen 4.5 percent so far this month.
The euro fell as investors dumped Italian bonds. The 10-year Italian government bond yield jumped to 3.19 percent as bond prices fell, versus just under 2 percent around two weeks ago.
There are plenty of resistance barriers above the keep this market going down, and if we can break down below the 1.15 handle, the market should continue to go much lower.
Microsoft just surpassed Alphabet’s market cap for the first time in 3 years and the race to become the first trillion dollar company is heating up (MSFT, GOOGL)
By Katie Canales
- Microsoft’s market value was $753 billion at end of day Tuesday, surpassing Google’s parent company Alphabet in valuation for the first time in three years.
- Alphabet clocked in at $739 billion Tuesday.
- Microsoft now sits as the third most valuable company in the world, with Alphabet at the number four spot.
Dow futures rise by 100 points although traders keep a wary eye on Italy
U.S. stock futures pointed to a modest rise at the open Wednesday, as investors continued to assess the risk that Italy’s latest political drama posed to global markets.
The Dow industrials will be trying to stabilize after a 392-point drop that was blamed on worries about the potential for another Italian election, with traders fretting the vote could push the country toward ditching the euro — a possible significant shakeup to the status quo.
The S&P 500 and the Nasdaq slipped 1.1% and 0.5% apiece.
The tension in Italy spread to US markets. In Wall Street’s worst-case scenario, Italy, the third-largest economy in the European bloc, would vote to leave the euro.
HP shares fall after revenue beat
HP Inc. HPQ, -2.78% shares rose nearly 2% in the extended session, then dipped into the red Tuesday after the company beat revenue expectations and met Wall Street earnings estimates. HP shares closed down 0.6% to $21.32 during the regular session.