S& P500, Dow suffer worst ever plunges on Christmas Eve

December 26, 2018

By IFCMarkets

Dollar weakens despite positive data

US stock market plunged on Monday, with all three main indexes recording steepest losses on Christmas Eve ever. The S&P 500 dropped 2.7% to 2351.10. Dow Jones tumbled 2.9% to 21792.20. The Nasdaq sank 5.1% to 6192.92. The dollar weakened again despite an uptick in Chicago Fed’s index of national economic from a downwardly revised neutral reading in October to 0.22 in November. 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, fell 0.5% to 96.54 but is higher currently. Stock index futures point to lower openings today.

DJI slumps below MA(200) 12/26/2018 Market Overview IFC Markets chart

CAC 40 leads major European indices losses

European stocks pulled back in holiday shortened session on Monday. Both the EUR/USD and GBP/USD turned higher but are lower currently. The Stoxx Europe 600 lost 0.4%. German markets were closed on Christmas eve, France’s CAC 40 fell 1.5% and UK’s FTSE 100 slid 0.5% to 6685.99. Markets in Germany, France and UK will remain closed today too.

Nikkei rebounds after sharp loss

Asian stock indices are falling mostly today with no positive developments yet that could lift market sentiment after steep losses on Wall Street in the last few sessions. Nikkei rebounded 0.9% to 19327.06 as yen resumed sliding against the dollar. Chinese stocks are retreating: the Shanghai Composite Index is down 0.3%, Hong Kong’s markets are closed today. Australia’s stock market is closed as the Australian dollar continues its climb against the greenback.

Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.

Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter

Brent extends losses

Brent futures prices are inching lower today after a sharp decline Monday on supply glut concerns as turmoil in financial markets continues. Prices tumbled Monday: February Brent dropped 6.2% to $50.36 a barrel Monday.

Market Analysis provided by IFCMarkets

This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.