During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
S&P concludes down, tech equities dive
On Monday, the S&P 500 seesawed to a negative settlement due to the fact that a dive in technology equities led by Apple put pressure on market sentiment.
As a matter of fact, the Dow Jones Industrial Average headed south by nearly 0.35%. Besides this, the S&P 500 went down by nearly 0.61%. In addition to this, the Nasdaq Composite inched down by approximately 0.52%.
Besides this, the broader averages struggled for direction because Apple demonstrated a 1% dive. Goldman Sachs told that decelerating consumer demand in China could suppress Apple's revenue. However, the financial institution stopped short of lowering its prediction on iPhone shipments, repeating its December-quarter prediction for shipments to hit up to 80 million.
Although the vast majority of the smartphone weakness stayed in the mid and also lower range, it’s hard to believe that the given environment will help Apple unless things get better late in 2018, as financial analysts pointed out.
The equities of Alphabet, Microsoft, and Netflix concluded down.
Diving energy equities also restricted upside momentum notwithstanding a soar in crude prices in the wake of strengthening tensions between Saudi Arabia and the Western world over the disappearance of a prominent Saudi reporter.
Demonstrating indications of risk-aversion, the market’s defensive corners were generally in favor due to the fact that consumer staples managed to ascend by 1%. As a matter of fact, Walgreen's Boots Alliance as well as Campbell Soup concluded 2% up.
As for financials, they concluded down because Bank of America was pressured notwithstanding its revenue, which exceeded Wall Street forecasts.
Besides this, Bank of America posted profits of about of $22.78 billion. The given outcome managed to outperform Wall Street forecasts for profits of about $0.62 a stock on revenue of up to $22.63 billion.
More tariffs were introduced
Yesterday, the US Justice Department announced a broad antitrust review ...
We've got some positive news for the British pound and we are awaiting the release of the core retail sales for Canada at 15:30 MT.
The tweet by Iran's foreign minister increased the possibility of tensions in the region. It pushed the oil prices up.
The European trading session will be highlighted by the events for the British pound. Traders will pay special attention to the BOE meeting at 14:00 MT.