Chile’s main index closes above 6,600 points for its fifth consecutive session of gains, driven by Falabella.

Meanwhile, Wall Street saw mixed influences. The S&P 500 closed flat, pushed higher by the Dow Jones (0.44%) of megacap companies.

Ignacio Teson•Wednesday, May 8, 2024•1 min read

The retailer’s stocks surged, taking the lead in the day’s transactions, as the market celebrated its first-quarter results.

The Santiago Stock Exchange rose for the fifth consecutive day on Wednesday, while Wall Street closed with mixed performances and European stocks reacted positively to Sweden’s central bank rate cut.

Chile’s S&P IPSA climbed 0.66% to 6,644.43 points, turning positive in the second half of the session, securing its fifth consecutive day of gains and reaching new highs since April 11.

Ripley (6.24%), Falabella (4.91%), and Quiñenco (3.77%) led the gains. Falabella, one of IPSA’s heavyweights, gained market favor with its first-quarter results. The retailer led in traded volumes with a massive flow of $20 billion.

Meanwhile, Wall Street saw mixed influences. The S&P 500 closed flat, pushed higher by the Dow Jones (0.44%) of megacap companies and dragged lower by the Nasdaq Composite (-0.18%).

SPX

Uber (-5.68%) and Tesla (-1.74%) were the gray spots on the Nasdaq. The former reported earnings below expectations, while Elon Musk’s company faced news that the United States is investigating it for possible fraud regarding the autonomous driving of its electric cars.

In Europe, the continental Euro Stoxx 50 rose 0.44%, and London’s FTSE 100 advanced 0.49% to a new record. Sweden’s central bank, the Riksbank, announced a rate cut for the first time since 2016, an expected move but accompanied by forecasts of further cuts this year.

The Asian session was negative. Japan’s Nikkei fell 1.63%, Hong Kong’s Hang Seng dropped 0.9%, and China’s CSI 300 retreated 0.79%.

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ABOUT THE AUTHOR See More

Ignacio Teson

Economist and Financial Analyst

Ignacio Teson is an Economist and Financial Analyst. He has more than 7 years of experience in emerging markets. He worked as an analyst and market operator at brokerage firms in Argentina and Spain.