|

Wall Street Close: A mixed session as markets start to return scanning for COVID-19 risks

  • The Dow Jones Industrial Average lost 329 points, or 1.4%, to end near 23,391.
  • S&P 500 lost 1% to end around 2,762.
  • The Nasdaq Composite added 0.5% to close at 8,192.

US benchmarks were coming off their lows on Monday's session while investors weighed the prospects of the US economy getting a kick start with US President Donald Trump's eagerness to get the population back to work. 

The Dow Jones Industrial Average lost 329 points, or 1.4%, to end near 23,391 while the S&P 500 lost 1% to end around 2,762. The Nasdaq Composite added 0.5% to close at 8,192. Overall, it was a directionless day with European and Asian markets out for Easter celebrations on Monday, while investors tried to weigh the prospects of global growth returning in a V-shaped recovery should the curve indeed be starting to flatten in developed nations such as Europeans, the UK, Australasia and the US. 

At the same time, the OPEC+ accord is a positive for risk-appetite in the long run, although the production cut is seen as too little too late for oil prices. More on that here and here, WTI: OPEC+ has not done enough and Trump knows it.

"With the world having just experienced its second-warmest March ever, it’s true that’s a lot fewer carbon emissions, but it’s a pretty brutal way to get there. And a USD23 oil price won’t do anything to encourage alternative energy development,"

– analysts at TD Securities argued. 

DJIA levels

DJIA

Overview
Today last price23432
Today Daily Change-330.00
Today Daily Change %-1.39
Today daily open23762
 
Trends
Daily SMA2021432.6
Daily SMA5024949.48
Daily SMA10026714.53
Daily SMA20026777.04
 
Levels
Previous Daily High23762
Previous Daily Low23762
Previous Weekly High23998
Previous Weekly Low21552
Previous Monthly High27086
Previous Monthly Low18216
Daily Fibonacci 38.2%23762
Daily Fibonacci 61.8%23762
Daily Pivot Point S123762
Daily Pivot Point S223762
Daily Pivot Point S323762
Daily Pivot Point R123762
Daily Pivot Point R223762
Daily Pivot Point R323762

Author

Ross J Burland

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

More from Ross J Burland
Share:

Editor's Picks

EUR/USD holds above 1.1750 after mixed EU PMI data

EUR/USD manages to hold above 1.1750 but struggles to gather recovery momentum on Friday, following the mixed February PMI figures from Germany and the Eurozone. In the second half of the day, Q4 GDP, December inflation and February PMI data from the US will be watched closely by market participants.

GBP/USD recovers further toward 1.3500 after UK PMI data

GBP/USD is recovering ground further toward 1.3500 in European trading on Friday, helped by a modest uptick in the Pound Sterling after stronger-than-expected UK January Retail Sales and February PMI data. However, the pair's further upside could be limited amid persistent US Dollar strength as the focus turns to key US data. 

Gold sticks to positive bias above $5,000 ahead of US data

Gold gains some positive traction for the third consecutive day on Friday. holding above $5,000. Traders now look forward to the key US macro releases – the Advance Q4 GDP report and the Personal Consumption Expenditures (PCE) Price Index – for fresh trading impetus. 

US GDP growth expected to slow down significantly in Q4 after stellar Q3 

The United States Bureau of Economic Analysis will publish the first preliminary estimate of the fourth-quarter Gross Domestic Product at 13:30 GMT. Analysts forecast the US economy to have expanded at a 3% annualized rate, slowing down from the 4.4% growth posted in the previous quarter.

Iran tensions and AI fears at the forefront ahead of key US data

Thursday’s scorecard shows major US Stock benchmarks closed modestly in the red amid mounting US-Iran tensions and AI disruption worries. The S&P 500 shed 19 points (0.3%) to 6,861, the Nasdaq 100 lost 101 points (0.4%) to 24,797, and the Dow Jones Industrial Average dropped 267 points (0.5%) to 49,395.

Official Trump price approaches breakout with mixed signals from traders

Official Trump (TRUMP) is trading at $3.50 at the time of writing, approaching its upper consolidation range. A breakout from this range could open the door for an upside move. On-chain data shows market indecision, with balanced flows between bulls and bears, signaling a lack of clear directional bias.