{"id":117379,"date":"2017-11-30T07:10:06","date_gmt":"2017-11-30T12:10:06","guid":{"rendered":"http:\/\/countingpips.com\/?p=117379"},"modified":"2018-06-01T15:49:03","modified_gmt":"2018-06-01T15:49:03","slug":"us-stocks-pause-after-technology-selloff","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/us-stocks-pause-after-technology-selloff\/","title":{"rendered":"US stocks pause after technology selloff"},"content":{"rendered":"
November 30, 2017<\/div>
\r\n<\/div><\/div>

By IFCMarkets<\/a><\/p>\n

\n
\n

Dow logs a record high while Nasdaq drops<\/h2>\n<\/div>\n<\/div>\n

US stocks<\/b>\u00a0edged lower on Wednesday on technology stocks selloff. The dollar continued strengthening on GDP upward revision and upbeat Beige Book: the\u00a0live dollar index<\/a>\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, gained 0.1% to 93.258. The\u00a0S&P 500<\/a>\u00a0slipped 0.04% to 2626.07 as gains in telecom were offset by losses in the technology shares. The\u00a0Dow Jones\u00a0<\/em>industrial average rose 0.4% to fresh record 23940.68.\u00a0Nasdaq\u00a0<\/em>composite index meanwhile fell 1.3% to 6867.36.<\/p>\n

\n
\n

The upgrade of the Q3 GDP to 3.3% from 3.0% first estimate confirmed the US economy accelerated from 3.1% growth recorded in the second quarter. Upbeat Beige Book indicated strengthening in inflation pressures. Recent improving economic data point to growing likelihood of a third rate hike in December. In other economic news pending home sales jumped 3.5% in October, though still 0.6% lower than a year ago.<\/p>\n<\/div>\n<\/div>\n

\n
\n

Bank stocks support European markets rally<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>rally continued on Wednesday led by banking shares. Both the\u00a0euro\u00a0<\/em>and\u00a0British Pound\u00a0<\/em>advanced against the dollar. The Stoxx Europe 600 closed higher 0.3%. Germany\u2019s\u00a0DAX 30\u00a0<\/em>added less than 0.1% settling at 13061.87. France\u2019s\u00a0CAC 40\u00a0<\/a>gained 0.1% while UK\u2019s\u00a0FTSE 100\u00a0<\/em>fell 0.9% to 7393.56. Indices opened mixed today.<\/p>\n

\n
\n

Banks rose on improving outlook expectations after Federal Reserve Chair nominee Powell said during a Senate confirmation hearing that he supported easing regulations for the financial industry. Looser US regulations will benefit also many European banks doing business in the US. In economic news economic sentiment in the euro-zone continued to rise in November, hitting the highest level since October 2000.<\/p>\n<\/div>\n<\/div>\n

\n
\n

Technology shares drag Asian indices<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mixed as technology shares tumbled following the selloff on Wall Street overnight.\u00a0Nikkei\u00a0<\/em>rose 0.6% to 22724.96 as yen continued the decline against the dollar. Chinese stocks are down: the\u00a0Shanghai Composite Index\u00a0<\/em>is down 0.6% and Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 1.5% lower. Australia\u2019s All Ordinaries Index is 0.7% lower as Australian dollar inched higher against the greenback.<\/p>\n

\"HK50\"<\/p>\n

\n
\n

OPEC meets in Vienna<\/h2>\n<\/div>\n<\/div>\n

Oil futures prices\u00a0<\/b>are edging higher today in thin trading. Investors expect OPEC and major producers will extend an ongoing output cut agreement at a meeting today after the current agreement expires next March but the duration of the extension is uncertain. Prices ended lower yesterday despite the US Energy Information Administration report domestic crude supplies fell by 3.4 million barrels but gasoline and distillate stockpiles both rose more than anticipated. January Brent crude fell 0.8% to $63.11 a barrel on Wednesday.<\/p>\n

\nMarket Analysis provided by IFCMarkets<\/a><\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p>

\r\n
\r\n
\r\n

<\/a>\r\n\t Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Note:
\nThis overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or \u0430 recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.<\/p>\n","protected":false},"excerpt":{"rendered":"

By IFCMarkets Dow logs a record high while Nasdaq drops US stocks\u00a0edged lower on Wednesday on technology stocks selloff. The dollar continued strengthening on GDP upward revision and upbeat Beige Book: the\u00a0live dollar index\u00a0data show the ICE US Dollar index, a measure of the dollar\u2019s strength against a basket of six rival currencies, gained 0.1% […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-117379","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=117379"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117379\/revisions"}],"predecessor-version":[{"id":117394,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/117379\/revisions\/117394"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=117379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=117379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=117379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}