Opening Bell: U.S. Futures, Stocks Slide As Broader Rally Ends; Dollar Falls
Investing.com | Nov 12, 2020 12:01
- European equities drop on earnings outlooks, dispelling hopes of continued profits amid lockdowns
- Tech recovers after sell-off triggered by vaccine news
- Global virus fatalities reach fresh record
- European Central Bank President Christine Lagarde, Bank of England Governor Andrew Bailey and US Federal Reserve Chairman Jerome Powell are among the speakers at an online ECB Forum entitled, Central Banks in a Shifting World on Thursday.
- US CPI data for October is due on Thursday.
- On Friday, finance ministers and central bankers from the Group of 20 hold a meeting ahead of next week's G20 summit, to discuss bolder action to help poor nations struggling to repay their debts.
- The Stoxx 600 Index sank 0.7% as of 8:24 a.m. London time.
- NASDAQ 100 Index futures decreased 0.4%.
- Futures on the S&P 500 Index sank 0.6%.
- The MSCI Asia Pacific Index was up 0.6%.
- The Dollar Index receded 0.2%.
- The British pound dipped 0.3% to $1.3181.
- The Japanese yen fell 0.1% to 105.30 per dollar.
- The Indian rupee was up 0.22% to 74.599 per dollar.
- Germany’s 10-year yield decreased one basis point to -0.52%.
- Britain’s 10-year yield declined two basis points to 0.394%.
- France’s 10-year yield fell one basis point to -0.276%.
- Japan’s 10-year yield fell one basis point to 0.03%.
- West Texas Intermediate crude gained 0.4% to $41.61 a barrel.
- Gold was little changed at $1,865.17 an ounce.
- Soybeans increased 0.07% to $11.51 a bushel.
- Iron ore increased 1.07% to $121.59 per metric ton.
Key Events/h2
A global rally that was losing momentum turned negative on Thursday on the view that equity valuations may be stretched as economies continue to suffer from the persistent pandemic. Although many European countries are locked down, infections are continuing to announcing its final 2020 dividend may remain the same.
Iconic British luxury brand Burberry (LON:BRBY) jumped 5.8% thanks to a less-than-expected decline in sales.
Most Asian indices were in the red this morning, with the Nikkei 225 notably in the green, up 0.7%, as traders rotated back into tech stocks after a selloff made valuations more palatable.
US stocks climbed to 10-week highs on Wednesday during the Wall Street session, boosted by a massive return into technology shares, with Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) leading the charge, while small caps ended a two-day surge.
The S&P 500 Index advanced to its highest level in over ten weeks, finishing the day less than a quarter-of-a-percent from the record high.
The index extended Tuesday’s rebound off the top of a symmetrical triangle, increasing the odds of bulls having taken over from bears when breaking the pattern’s topside. Monday’s oversized shooting star still looms above with a potential bearish stronghold of unknown magnitude.
Yields, including for the 10-year Treasury note, ended a five-day advance.
The RSI provided a negative divergence.
The dollar retreated after reaching a weekly high.
The greenback is finally making progress climbing back over the neckline of a H&S continuation pattern, bearish within the downtrend. The price closed below the 50 DMA for the sixth straight day.
Gold advanced in a fifth day of zig-zag trading, on the dollar’s slight weakness and a decline in futures and stocks.
Bitcoin climbed for the second day, nearing the $16,000 level, its highest point since early January 2018.
Oil fell, confirming Wednesday's powerful shooting star.
However, it remains above the top of a falling channel, guarded by the 100 DMA. In reality, the supply and demand picture for oil in the fourth quarter of 2020 and first quarter of 2021 isn't positive.
Up Ahead/h2
Market Moves/h2 Stocks/h3
Currencies/h3
Bonds/h3
Commodities/h3
Stocks/h3
Currencies/h3
Bonds/h3
Commodities/h3
Bonds/h3
Commodities/h3
Get The App
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.