US stocks weaker on mixed corporate earnings

Haresh Menghani FXStreet

Major US equity indices witness a weaker opening on Tuesday and were being weighed down by concerns over the US President Donald Trump's ability to push through his pro-growth economic policies.

Late Monday, Senate GOP leaders abandoned their effort to repeal and replace Obamacare after two more Republican senators announced their rejection to pass the US President Donald Trump administration's top legislative priority.

Meanwhile, disappointing earnings report from Goldman Sachs added to last week's mixed quarterly results from JPMorgan, Wells Fargo and Citigroup, and failed to excite investors.

Among other individual moves, Netflix jumped over 9% on larger-than-expected growth in subscribers, while shares of Harley-Davidson slumped over 10% on lowered guidance for the year.

Against the backdrop of recent US data disappointment, investors would keep a close watch on corporate earnings in order to justify the current high valuations amid uncertainty over Trump's promised pro-growth reforms.

During the opening hour of trade, the Dow Jones Industrial Average lost nearly 50-points to 21,580, while the broader S&P 500 Index shed over 3-points to 2,455. Meanwhile, tech-heavy Nasdaq Composite Index trimmed around 5-points to 6,310.

Author

Haresh Menghani

FXStreet

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

EUR/USD holds steady above 1.1850 in quiet session

EUR/USD stays defensive but holds 1.1850 amid quiet markets in the European hours on Monday. The US Dollar is struggling for direction due to thin liquidity conditions as US markets are closed in observance of Presidents' Day holiday.

GBP/USD flat lines near 1.3650 ahead of UK and US data

GBP/USD kicks off a new week on a subdued note and oscillates in a narrow range near 1.3650 on Monday. The mixed fundamental backdrop warrants some caution for aggressive traders as the market focus now shifts to this week's important data releases from the UK and the US.

Gold corrects lower, tries to stabilize above $5,000

Gold started the week under bearish pressure and declined to the $4,960 area before staging a modest rebound. As trading volumes remain thin with the US financial markets remaining closed on Presidents' Day holiday, XAU/USD looks to stabilize above $5,000 ahead of this week's key data releases.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

Monero Price Forecast: XMR risks a drop below $300 under mounting bearish pressure

Monero (XMR) starts the week under pressure, recording a 4% decline at press time on Monday after a 7% drop the previous day, putting the $300 support zone in focus.