The social media plunge pulled Nasdaq lower yesterday, as the technology-heavy index slid more than 2%, as the S&P500 lost 0.81%, while the Dow eked out a tiny 0.15%.

Fresh earnings from retailers were mixed. Abercrombie took a hit after downgrading its sales outlook, leading to a nearly 30% plunge at yesterday’s session, Best Buy cut its guidance, though the new guidance was still better than the Wall Street estimates – which certainly helped saving the day for Best Buy, while Nordstrom rose its full-year forecast, as the company predicted shoppers will continue to shop despite higher prices.

Overall, the US equity futures are in the positive again, hinting that we may see another positive attempt, in the middle of a storm.

Good news is that we see a further easing in the US 10-year yield, hinting that a significant rise above the 3% level is not on the cards for now.
But most popular investors don’t smile this days, as they remain very much concerned with the lack of trust that the Fed would bring inflation under control.

In FX and commodities, gold extended gains to $1870 per ounce, the dollar index eased below the 102 mark, the EURUSD flirted with 1.0750 and Bitcoin remains curiously steady around the $30K mark.

The Reserve Bank of New Zealand (RBNZ) raised its official cash rate to 2% as expected at today’s monetary policy meeting, and released a more hawkish than expected accompanying statement, encouraging a positive move in the kiwi.

This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.

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