Wall Street close: US benchmarks bleed-out as investors look to key risks ahead


  • The S&P 500 lost around 3 points, 0.1%, closing near 3,133.
  • The Nasdaq dropped about 5 points, less than 0.1%, closing near 8,616.
  • The DJIA, ended around 27 points, 0.1%, lower, near 27,883.

US benchmarks closed lower on Tuesday as investors lacked an impetus to keep the fire burning while there are bigger fish to fry later this week. There were concerns that there is still no substance to positive trade-talk, yet we are just a handful of day's away to when additional tariffs are due to kick in.

Subsequently, the Dow Jones Industrial Average, or DJIA, ended around 27 points, 0.1%, lower, near 27,883, while the S&P 500 lost around 3 points, 0.1%, closing near 3,133. The Nasdaq dropped about 5 points, less than 0.1%, closing near 8,616. In corporate news, stocks in the pet supply retailer Chewy Inc. were about 6% higher Tuesday on the prior day's positive earnings report. 

Eyes on FOMC

Meanwhile, eyes will now turn to the Federal Reserve interest rate decision. Rates are expected to remain steady at 1.50-1.75% and the US dollar can likely continue to perform should the focus be on an improved economic backdrop on home soil.  "We don't anticipate any dissents next week for the first time since May. Statement and dot-plot shifts are well anticipated," analysts at TD Securities argued. 

"For the markets and the US dollar the key to this FOMC lies in the Projection Materials.  Will the governors mark down their fed funds estimate for next year to take account of the current 1.75% rate or will they see a brighter future and raise their GDP and rate projections for 2020.  This rather straightforward economic analysis will either propel or retard the dollar for the next several weeks - "

Joseph Trevisani, Senior Analyst at FXStreet explained.

DJIA levels

DJIA

Overview
Today last price 27916
Today Daily Change 28.00
Today Daily Change % 0.10
Today daily open 27888
 
Trends
Daily SMA20 27893.25
Daily SMA50 27319.42
Daily SMA100 26937.37
Daily SMA200 26562.28
 
Levels
Previous Daily High 28016
Previous Daily Low 27872
Previous Weekly High 28206
Previous Weekly Low 27324
Previous Monthly High 28196
Previous Monthly Low 27058
Daily Fibonacci 38.2% 27927.01
Daily Fibonacci 61.8% 27960.99
Daily Pivot Point S1 27834.67
Daily Pivot Point S2 27781.33
Daily Pivot Point S3 27690.67
Daily Pivot Point R1 27978.67
Daily Pivot Point R2 28069.33
Daily Pivot Point R3 28122.67

 

 

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