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.


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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.

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