S&P 500 Index opens deep in the negative territory below 4,200

Major equity indexes in the US opened sharply lower on Friday.
All major S&P 500 sectors trade in the negative territory.
S&P 500 Index remains on track to snap three-week winning streak.

Eren Sengezer FXStreet

Following Thursday's indecisive movements, Wall Street's main indexes opened with large losses on Friday. As of writing, the S&P 500 was down 0.75% on the day at 4,190, the Dow Jones Industrial Average was losing 1.1% at 33,450 and the Nasdaq Composite was falling 0.3% at 14,125.

All 11 major sectors of the S&P 500 trade in the negative territory after the opening bell with the Energy Index losing 1.75% as the worst performer. On the other hand, the defensive Real Estate Index is only down 0.08%.

Unless the major equity indexes stage an unprecedented recovery in the remainder of the day, they will snap a three-week winning streak.

Nasdaq (NDX NQ1 QQQ) breaks records as Fed threads a careful line, risk-reward still upside bound.

Assessing Nasdaq's technical outlook, "from the daily chart, we can see the strong ascending channel which has been holding the move nicely," notes FXStreet stocks analyst Ivan Brian. "The break of 14,053 was the key to further gains and then Thursday's record. Holding above this level keeps the short-term trend bullish with 13,462 and 12,950 the medium-term and longer-term pivots for bulls."

S&P 500 chart (daily)

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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