The start of the US trading session has been positive for traders of Tesla and Microsoft.
US equities are suppressed by diving crude and China worries
On Friday, the S&P 500 headed south along with equities of large technology, material and industrial companies because of dismal Chinese data as well as a dive in crude prices.
Market participants were reluctant to take on risk. As a result, the S&P technology index SPLRCT decreased by 2.2% because Apple Inc sank by 2.9% and semiconductor shares lost 2.7%.
Crude seemed braced for its longest losing marathon since 1998 because futures went down by 1% because global supply rallied and traders worried that fuel demand could speed down.
As a matter of fact, the Dow Jones Industrial Average slumped by 1.15% hitting 25,889.91. As for the S&P 500, it went down by 1.49% showing 2,765.04, while the Nasdaq Composite sank by 2.37% ending up with 7,352.35.
Besides this, the S&P energy index dived by 0.6% having lost 2.2% in the previous day's trading marathon when American crude prices actually confirmed a bear market by decreasing 20% from their most recent maximum.
10 of the 11 key S&P sectors inched down, with the sole gain being a 0.3% leap in the defensive consumer staples index.
In the face of a bitter trade clash between China and America, Chinese data disclosed that in October producer inflation decreased for the fourth straight month on receding domestic demand as well as manufacturing activity. However, car sales declined for a fourth month in a row.
The latest data on American producer prices failed to soothe fears about soaring interest rates that have hampered yields in equities stocks in 2018.
General Electric Co headed south below $9 for the first time since 2009.It occurred after JP Morgan reduced price objective on the stock from $10 to $6. Last it declined by about 8.1% hitting $8.37.
During today's Turkish central bank meeting, the market anticipated a rate cut between 200-300 pips.
More tariffs were introduced
Today, the euro shows a double-top pattern against the CHF, which may be used by the bears if the pattern is confirmed.
Australia will publish the level of employment change and the unemployment rate at 2:30 MT on November 14.
The euro and the Australian dollar growing against the USD, the British pound in a correction after Monday's rise