It was another volatile trading session.
Stocks were up and down all day long. Trading around Friday's close, the major indices were desperately trying to find some sense of direction.
But after a choppy day of trading, the major indices finally made a move and headed south into the close.
With today's loss, the S&P closed below its 200-day moving average. The index has finished lower 7 out of the last 8 trading sessions.
Although the S&P and DOW flirted with breakeven for most of the day, the NASDAQ struggled from the get-go. Down 0.9%, the NASDAQ led the major indices with a 0.9% loss.
Here's where the major indices ended the day:
- The S&P finished 0.6% lower. Down 16 points, the S&P ended at 2,751.
- The DOW ended with a 0.4% loss. Dropping 89 points, the DOW closed at 25,251.
- The NASDAQ was down 0.9%. With a 66 point loss, the NASDAQ finished at 7,431.
- Bitcoin finished 3.2% higher. Up $195, Bitcoin ended at $6,385.
Crude Oil (CL) managed to end the day higher. Up 0.7%, CL finished at $71.84 a barrel.
In earnings news, Bank of America (BAC) reported better than expected earnings but finished the day with a 1.9% loss. Charles Schwab (SCHW) was also lower, in spite of earnings that were in-line with expectations. Schwab ended the day with a 2.8% loss.
Sears Holding (SHLD) filed for Chapter 11 bankruptcy this morning and lost 23.8% (now trading at $0.31 a share). The filing was pretty much expected. The 130-year-old company became a household name with its Sears catalog and 3,5000 stores. Now the company has only 695 stores, with plans to close another 142 by the end of the year.
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AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.