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?
US equities ascend
On Monday, American stock index futures ascended, rebounding from an abrupt sell-off in the previous trading marathon, backed by diving crude as well as expectations for firm sales in the holiday season.
On Cyber Monday and Black Friday in America, shoppers managed to snap up great discounts, providing retailers with a sound start to the holiday season.
The equities of e-commerce giant Amazon.com Inc headed north by up to 2.7%, while eBay Inc ascended by nearly 2.1%.
Crude rallied, paring some its losses from the near-7% dink on Friday. As a result, Dow components Exxon Mobil Corp soared by approximately 0.9%, while Chevron Corp added nearly 0.4%.
The previous week Wall Street's key indexes slumped over 3%. The Dow and the Nasdaq posted their greatest weekly dives since March. It was caused by diving crude, fears about decelerating global surge as well as peaking corporate earnings.
On Friday, the S&P 500 sank by 0.66%, concluding 10.2% down from its record settlement on September20.
Aside from that, Dow e-minis acquired 1.07%. Meanwhile, S&P 500 e-minis surged by 1.18%, while Nasdaq 100 e-minis managed to ascend by 1.6%.
In addition to this, market participants closely watch the upcoming G20 summit. At this event, American leader Donald Trump as well as his Chinese rival Xi Jinping are believed to hold trade negotiations in Argentina.
Other participants of the FAANG group managed to inch up too, with equities of Apple, Facebook, Alphabet, and Netflix soaring 1.6%-2.3%.
As for other equities, Nvidia Corp managed to ascend up to 2.7% right after Credit Suisse came up with coverage on the chip designer's stocks with an outperform rating and also told that the recent weakness in equities ensure a compelling entry point.
Aside from that, smaller counterpart Advanced Micro Devices headed north too, adding 3.2%.
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!
RBA Rate Statement is released on Tuesday at 07:30 MT time.
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.