SP500 logs fourth consecutive decline while Nasdaq edges up

October 10, 2018

By IFCMarkets

Dollar reverses course lower

US stock market retreat continued on Tuesday while the Nasdaq edged higher as technology stocks recovered. The S&P 500 slipped 0.1% to 2880.34. Dow Jones erased previous session gain ending 0.2% lower at 26430.57. The Nasdaqcomposite index added 0.03% to 7738.02. The dollar strengthening reversed as 10-year Treasury yields dipped after hitting a fresh 7-year high above 3.25%: the live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.1% to 95.663 and is lower currently. Futures on stock indices indicate mixed openings today.

Nd100 below MA(50) 10/10/2018 Market Overview IFCM Markets chart

European indices open lower

European stocks rebounded on Tuesday as Italian bond yields rise paused after Economy Minister Giovanni Tria said “the government will do what it needs to do, as (European Central Bank president) Draghi did” if risks of financial crisis due to Italy’s high budget deficit increased. The GBP/USD turned higher on reports EU and UK negotiators moved closer to Brexit deal. The EUR/USD ended flat. Both pairs are rising currently. The Stoxx Europe 600 added 0.2%. The German DAX 30 rose 0.3% to 11977.22. France’s CAC 40 advanced 0.4% and UK’s FTSE 100 gained 0.1% to 7237.59. Markets opened lower today.

Asian indices recover

Asian stock indices are higher today. Nikkei ended 0.2% higher at 23506.04 helped by resumed yen slide against the dollar. Chinese stocks are higher despite Presient Trump’s repeated threat to impose tariffs on additional $267 billion worth of Chinese imports if Beijing retaliates to last month’s tariffs on nearly $200 billion of imports from China: the Shanghai Composite Index is up 0.2% and Hong Kong’s Hang Seng index is 0.5% higher. Australia’s All Ordinaries Index rebounded 0.1% despite Australian dollar continued slide against the greenback.


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Brent edges up

Brent futures prices rebound continues today. Prices advanced yesterday on signs global supply tightened ahead of US sanctions on Iran: Iran exported only 1.1 million barrels a day of crude in the first week of October, after 1.6 million barrels a day in September. Prices ended higher yesterday: December Brent rose 1.3% to $85 a barrel Tuesday.

Market Analysis provided by IFCMarkets

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