• The three major US equity indices plunge between 0.44% and 1.79%.
  • Sentiment shifted after Walmart blamed “high inflation” as it rips its profit outlook for the second half of 2022.
  • The US Dollar Index rises above 107.000, while the US 10-year T-note yield is flat at around 2.79%.

US equities slumped after jumping from YTD low levels, but a dampened market sentiment, alongside July’s Federal Reserve monetary policy decision looming, kept investors uneasy on Tuesday.

At the time of writing, the S&P 500 sits at 3,920.79, falling 1.16%, while the tech-heavy Nasdaq slumps by 1.79%, at 11,572.09, and the Dow Jones Industrial average slides 0.44% to 31,850.33

Sector-wise,  the leading sectors are Health, up by 1.02%, followed by Utilities and Real Estate, each recording gains of 0.64 % and 0.25%, respectively. The biggest losers were Consumer Discretionary, Communication Services, and Technology, plummeting 3.09%, 1.88%, and 1.36% each.

Shares fell due to Walmart cutting its earnings forecast, complaining about double-digit food prices and elevated energy prices. Additionally, the US Federal Reserve monetary policy decision is looming, and Europe’s escalating energy crisis re-ignited recession fears amongst traders, which turned to safe-haven assets, namely the greenback.

The US Dollar Index (DXY), a measurement of the greenback’s value against some currencies, rallies 0.62% to 107.132, while the 10-year US Treasury yield is almost flat, yielding 2.792%.

in the commodities complex, WTI drops 1.13%, exchanging hands at $95.60 BPD. Meanwhile, precious metals like gold (XAU/USD) drop 0.11%, trading at $1717.15 a troy ounce.

SP 500 Chart

Key Technical Levels

SP 500

Overview
Today last price 3920.79
Today Daily Change -40.74
Today Daily Change % -1.16
Today daily open 3964.92
 
Trends
Daily SMA20 3865
Daily SMA50 3913.44
Daily SMA100 4120.31
Daily SMA200 4347.55
 
Levels
Previous Daily High 3984.36
Previous Daily Low 3942.26
Previous Weekly High 4011.65
Previous Weekly Low 3817.67
Previous Monthly High 4181.86
Previous Monthly Low 3636.65
Daily Fibonacci 38.2% 3968.28
Daily Fibonacci 61.8% 3958.34
Daily Pivot Point S1 3943.33
Daily Pivot Point S2 3921.75
Daily Pivot Point S3 3901.23
Daily Pivot Point R1 3985.43
Daily Pivot Point R2 4005.95
Daily Pivot Point R3 4027.53

 

 

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