Stocks Slump as Tesla and LVMH Earnings Disappoint – Europe Market Wrap

Stocks fell following disappointing earnings from Tesla, LVMH, and Deutsche Bank, raising concerns about the health of global business as the reporting season begins. Nasdaq 100 index futures dropped 1%.

The euro fell after European data revealed that private-sector activity barely increased.

Analysts are combing over this week’s earnings reports, looking for clues that the tech-driven rise of the first half of the year will continue. The market is under pressure heading into the summer months, with volatility likely to be exacerbated by uncertainty as the US presidential campaign heats up.

The Japanese yen rose above 155 per dollar for the first time since early June, as traders prepared for the prospect that the central bank could hike interest rates in the coming months, if not at next week’s policy meeting.

Oil gained, ending a run of losses, as an industry survey showed that US oil stockpiles fell for the fourth week in a row.