US stocks keep the red during opening hour

Haresh Menghani FXStreet

Major US equity indices snapped their record-setting run and witnessed a weaker opening on Friday, with the Dow Jones Industrial Average (DJIA) ending 10-days of winning streak.

During opening hour of trading, DJIA was down around 40-points to 20,770, while the broader S&P 500 Index lost nearly 6-points to 2,358. Meanwhile, tech-heavy Nasdaq Composite Index retreated 16-point to 5,820.

A slide in oil prices, with WTI crude oil flirting with $54.00/barrel mark, was also seen weighing on investors’ appetite for riskier-assets – like equities.

In absence of any specific details over the Trump administration’s fiscal policies, market participants look forward to Trump's highly anticipated address to Congress on Feb. 28 for reason to keep pushing shares higher.

Meanwhile, possibilities of some profit-taking, on the last trading day of the week, could also be one of the factor for a mildly bearish trading sentiment.

1. R3 2384.6200
2. R2 2375.7000
3. R1 2368.8600
PP 2359.9400
1. S1 2353.1000
2. S2 2344.1800
3. S3 2337.3400

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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