US stock markets: Major U.S stock indexes closed mostly lower in yesterday’s session, led by a more than 2% drop in NASDAQ, as investors sold tech and big growth names ahead of this week's Federal Reserve meeting and an expected hike in interest rates.
The Dow ended flat, with financial and healthcare shares giving the index some support. Developments in the Ukraine-Russia conflict added to investor caution as Russian and Ukrainian delegations held the fourth round of talks yesterday, but no progress was announced, while Russian forces allowed the first convoy of cars to escape Ukraine's besieged port of Mariupol.
Economic Calendar
Apple Inc. shares fell 2.7% and weighed the most on the S&P 500 and NASDAQ after its supplier Hon Hai Precision Industry Co Ltd, known as Foxconn, suspended operations in China's Shenzhen amid rising COVID-19 cases. The Fed is expected to raise interest rates for the first time in three years Wednesday in an effort to combat rising inflation.
Dow Jones Industrial Average
The Dow Jones Industrial Average ended almost unchanged. The biggest gainers of the session on the Dow Jones Industrial Average were American Express Company, which rose 2.91% or 4.89 points to trade at 172.79 at the close. The Travelers Companies Inc. added 1.99% or 3.45 points to end at 177.18 and Coca-Cola Co was up 1.84% or 1.06 points to 58.54 in late trade. The biggest losers included Nike Inc., which lost 4.13% or 5.06 points to trade at 117.57 in late trade. Intel Corporation declined 3.12% or 1.43 points to end at 44.40 and Apple Inc. shed 2.66% or 4.11 points to 150.62.
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NASDAQ 100
The NASDAQ index declined 2.04%. The top performers on the NASDAQ Composite were Incannex Healthcare Ltd ADR which rose 61.72% to 22.90, Red Cat Holdings Inc. which was up 48.37% to settle at 2.73 and Q And K International Group Ltd which gained 37.56% to close at 1.69. The worst performers were Nektar Therapeutics which was down 60.87% to 4.16 in late trade, Kingsoft Cloud Holdings Ltd which lost 47.86% to settle at 2.56 and Electric Last Mile Solutions Inc. which was down 47.71% to 0.99 at the close.
Oil price - Crude Oil market, Brent Oil market
Oil prices extended losses, sliding to a two-week low as ceasefire talks between Russia and Ukraine eased fears of further supply disruptions, and surging COVID-19 cases in China fueled concerns about slower demand.
U.S crude fell below the $100 level for the first time since March 1, dropping $5.49 or 5.3%. It fell to as low as $96.70 earlier in the session. Expectations of positive developments in the Russia-Ukraine ceasefire talks bolstered hopes to ease tightness in the global crude market.
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Fresh lockdowns to curb the COVID-19 pandemic in China also raised concerns over slower demand. China posted a steep jump in daily COVID-19 infections on Tuesday, with new cases more than doubling from a day earlier to hit a two-year high, raising concerns about the rising economic costs of the country's tough containment measures.
Further talks between Ukrainian and Russian negotiators to ease the crisis were expected after discussions via video ended with no new progress announced.
Precious and Base Metals - Gold price, Silver price, Palladium price
Gold prices fell today to their lowest in more than a week, as U.S. Treasury yields surged ahead of an expected rate hike from the Federal Reserve, and as hopes for progress in Russia-Ukraine talks further dampened the metal's safe-haven appeal. Spot gold was down 0.4% at $1,942.96 per ounce, after touching its lowest since March 4 at $1,940 earlier in the session. U.S gold futures fell 0.5% to $1,951.20.
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U.S. Treasury yields jumped to two-and-a-half-year highs on Monday, ahead of what is expected to be the Fed's first rate hike in three years on Wednesday to try to tame soaring inflation that shows no signs of slowing.
Gold is highly sensitive to rising U.S. interest rates, which increase the opportunity cost of holding non-yielding bullion. Russian and Ukrainian delegations held the fourth round of talks on Monday - by video link rather than in person - but no new progress was announced. Discussions were due to resume on Tuesday.
Palladium, used by automakers in catalytic converters to curb emissions, fell 1% to $2,363.06 per ounce, after declining more than 15% in the previous session on easing supply fears. Russian mining giant Nornickel's biggest shareholder told Russian RBC TV on Saturday that the group had managed to secure alternative routes for its palladium deliveries even as it faced logistical constraints.
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A market authority said last week that Russian refiners can continue to sell platinum and palladium in London, the world's biggest precious metals trading center. The auto-catalyst metal hit a record high of $3,440.76 last week, driven by fears of supply disruptions from top producer Russia. Spot silver shed 0.4% to $24.92 per ounce, while platinum was down 0.1% to $1,029.16.
Traditional Agricultures - Corn futures, Wheat futures, Soybean futures
Corn fell pressured by uncertainty in the Black Sea region as talks of a ceasefire in Ukraine could open up the region to exports, though progress remains uncertain. Wheat eased earlier but returned to near even on news that Russia is suspending exports to protect domestic food supplies as tariffs damage its economy. Soybeans were initially supported by Argentina’s decision to halt exports registration of soy oil which could increase oilseed demand in other countries to produce alternative supplies.
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