The so-called “stock market bloodbath” has continued on Friday with major indices falling down to the lows of the last October. What's going on?
American equities stand still as trade and economic fears weigh
On Monday, American futures were generally intact suppressed by trader fears over the world’s economic deceleration.
As a matter of fact, the S&P 500 futures went down by 0.12% being worth 2,602.38. As for Dow futures, they slumped by 0.14% trading at 24,095. Nasdaq 100 futures slipped by 0.09% reaching 6,616.25.
On Friday, all three indexes concluded in correction territory. It was the first such a settlement since March 2016.
Apparently, trade tensions between China and America put pressure on financial markets after American trade ambassador Dennis Shea told that China’s quite unfair competitive deeds were impacting foreign companies, breaking the World Trade Organization rules.
In December, America and China agreed to a 90-day truce because the two leading economies try to work out fruitful trade talks.
Fiat Chrysler Automobiles found itself among the top performers in premarket trade. Its equities managed to surge by up to 1.4%. As for Tesla, it headed north by 0.3%, while Celgene added 1.1%. In addition to this, Schlumberger ascended by 2.3% right after Nelson Roberts Investment Advisors ramped up their stake in the company by up to 7.21%.
Best Buy went down by 4.2%. As for Johnson & Johnson, its equities sank by 1%. Goldman Sachs headed south by 0.5% after Malaysia came up with charges filed against the company over the 1MBD clash.
By the way, the New York Empire State Manufacturing index for December will be published at 8:30 AM ET.
As for commodities, gold futures managed to tack on by 0.1% hitting $1,243.40 a troy ounce. Meanwhile, crude futures surged by 0.8% being worth $51.90 a barrel.
Gauging the evergreen buck’s actual purchasing potential versus a pack of its main counterparts the USD index declined by about 0.2% hitting 96.69.
Besides coronavirus, other news has been driving the stocks of Apple, Wallmart and General Motors to the lower levels.
Will coronavirus continue keeping the markets in fear? What releases should we wait for? Find out in the news!
WTI oil prices jumped up after Donald Trump’s 2 tweets
Today the US nonfarm payroll data will be reported that could cause fluctuations of the market.
WTI was at $20 per barrel just in the beginning of the day. Currently - above 25$.