FUTURESCOIN IS GOING GLOBAL
WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
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E-Mini Dow
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Plan A : Attempt short if market trades below 27370. Targets are 27134 and 27000.Plan B : Cut above 27426.Plan C : Consider long if market stays firm above 27134. Targets are 27369 and 27426.Plan D : Cut below 27070.
E-Mini S&P 500
The Dow dropped 509 points, or 1.8%, to 27,147.70. The S&P 500 slid 1.2% to 3,281.06. The Nasdaq Composite fell by just 0.1% to 10,778.80. Concerns about the potential worsening of the coronavirus pandemic, as well as uncertainty on further U.S. fiscal stimulus, sent the broader market lower on Monday.
Concerns over another wave of coronavirus cases came as the U.K. reportedly considers another national lockdown to stop an increase in infections. Top U.K. government scientists said that, without further action, the country’s infection rate could reach 50,000 per day. In Washington, negotiations for a new coronavirus stimulus bill could become more complicated after the passing of Supreme Court Justice Ruth Bader Ginsburg, which could lead to a bitter nomination process ahead of the election.
Shares of cruise operators Carnival, Norwegian Cruise Line and Royal Caribbean slid 7% apiece. Airline stocks were also under pressure. United Airlines closed lower by 8.6% and American Airlines dipped 7.4%.
Existing home sales data and remarks from Federal Reserve Chairman Jerome Powell are on the agenda for Tuesday.
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Plan A : Long if market doesn't retrace much and supported firm above 3265. Targets are 3278, 3296 and 3310.
Plan B : Short if market failed to support above 3265. Targets are 3241, 3214 and 3189.
E-Mini NasdaqStock futures were lower in early morning trading on Tuesday, turning negative after a positive start earlier. It follows a steep sell-off on Wall Street overnight.
The market’s September sell-off intensified on Monday with the Dow dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.
Shares of Tesla dropped nearly 6% in overnight trading after CEO Elon Musk said in a tweet that the electric car-maker’s “Battery Day” event would not reach “serious high-volume production” until 2022, which disappointed investors and analysts.
Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.
The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.
On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.
On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.
Stock futures were lower in early morning trading on Tuesday, turning negative after a positive start earlier. It follows a steep sell-off on Wall Street overnight.
The market’s September sell-off intensified on Monday with the Dow dropping 500 points, suffering its worst day since Sept. 8. The S&P 500 lost 1.2%, posting its first four-day losing streak since February. The Nasdaq Composite dipped just 0.1% after a late-day comeback rally.
Shares of Tesla dropped nearly 6% in overnight trading after CEO Elon Musk said in a tweet that the electric car-maker’s “Battery Day” event would not reach “serious high-volume production” until 2022, which disappointed investors and analysts.
Investors grew more anxious about the pandemic as the U.K. is reportedly considering another national lockdown as daily new infections rise. Meanwhile, prospects of further U.S. coronavirus fiscal stimulus became bleaker as lawmakers brace for a Supreme Court confirmation fight as President Donald Trump rushes to nominate a successor to Justice Ruth Bader Ginsburg, who died on Friday.
The major averages are on pace for steep losses for September, a typical weak month for stocks. All three major averages had just suffered three straight weeks of losses. The Dow and the S&P 500 have fallen 4.5% and 6.3% this month, respectively, while the Nasdaq has dropped 8.4% as investors dumped high-flying tech giants.
On Tuesday, investors will monitor a hearing with U.S. Treasury Secretary Steven Mnuchin and Federal Reserve chair Jerome Powell in front of the House Financial Services Committee about pandemic responses.
On earnings front, Nike will report its fiscal first-quarter results after the bell on Tuesday.
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