US equity markets struggling for firm direction

Haresh Menghani FXStreet

Major US equity indices seesawed between tepid gains and minor losses on Tuesday as mixed corporate results raised skepticism over the health of US economy and weighed on investor sentiment.

At the time of reporting, the Dow Jones Industrial Average lost around 10 points to 18,215, while the broader S&P 500 index was down 2 points to 2,150. Meanwhile, tech-heavy Nasdaq composite index outperformed the broader indices and lost around 3 points to 5,307 and remained within striking distance of the record high level of 5,339 touched on September 22.

On economic data front, US housing price index rose 0.7% in August and the S&P/Case-Shiller home price indices were up 5.1% y-o-y. Meanwhile, the Conference Board's Consumer Confidence Index came-in weaker-than-expected and printed 98.6 for October as compared to 101.0 expected and September's 103.5 (revised lower from 104.1).

In currency markets, the US Dollar continued gaining traction across the board on growing expectations of an eventual Fed rate-hike decision in December, with the GBP/USD pair turning sharply lower closer to 1.2100 handle and the EUR/USD pair hitting fresh multi-month lows.

In other markets, WTI crude oil prices retraced back towards $50.00 psychological mark and Gold continued with its near-term range-bound price action around the very important 200-day SMA region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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