Selling/profit-taking send indices lower
The major European indices are ending the day with declines. Global stocks have moved mostly lower with China getting hammered overnight once again. The NASDAQ index is sharply lower as well with declines close to 2% ahead of big tech earnings after the close including Alphabet, Apple, and Microsoft.
The provisional closes are showing:
- German DAX, -0.6%
- France’s CAC, -0.7%
- UK’s FTSE 100, -0.4%
- Spain’s Ibex,-0.76%
- Italy’s FTSE MIB, -0.8%
Looking at other markets as London/European traders look to exit:
- Spot gold is trading at $1801.30. That’s up $4.86 or 0.27%.
- Spot silver is down $0.58 or -2.37% at $24.59
- WTI crude oil futures are trading down the $0.78 or -1.08% at $71.41
In the US stock market, the NASDAQ index is gettingg hammered and down nearly 2%. The Dow industrial average and S&P index are also lower. The major indices have been up for five consecutive days and all three major indices have closed at record levels for the last three trading days.
- S&P index -37 points or 0.84% at 4385.03
- NASDAQ index -287 points or -1.94% at 14552.08
- Dow industrial average -200 points or -0.57% at 34942.29
Looking at the forex market, the JPY remains the strongest of the majors followed closely by the GBP. The NZD, CAD and AUD are the weakest as risk off flows dominate. The US dollar is mixed as it has benefited against the commodity currencies but moved lower against the EUR, GBP, JPY and CHF. London traders have piled into the GBP, EUR, CHF and JPY into the London close.