{"id":135931,"date":"2018-10-23T06:27:20","date_gmt":"2018-10-23T10:27:20","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=135931"},"modified":"2018-10-23T06:27:20","modified_gmt":"2018-10-23T10:27:20","slug":"us-equities-retreat-as-earnings-season-rolls-on","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/us-equities-retreat-as-earnings-season-rolls-on\/","title":{"rendered":"US equities retreat as earnings season rolls on"},"content":{"rendered":"
October 23, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

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Nasdaq snaps three-day losing streak<\/h2>\n<\/div>\n<\/div>\n

US stocks\u00a0<\/b>retreated on Monday while technology shares paired most of previous session losses. The\u00a0S&P 500\u00a0<\/em>slid 0.4% to 2755.88.\u00a0Dow Jones\u00a0<\/a>industrial fell 0.5% to 25317.41. The\u00a0Nasdaq\u00a0<\/em>composite index however rose 0.3% to 7468.63. The dollar strengthening resumed despite soft data: the Chicago Fed National Activity Index decreased to 0.17 in September from 0.27 in August. 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, rose 0.3% to 96.00 and is higher currently. Futures on stock indices point to lower openings today.<\/p>\n

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Technology stocks have been under pressure on US-China trade war concerns which weigh on Chinese stock market. Third quarter corporate reports were positive over the past two weeks: three-quarters of the 140 companies that reported earnings beat Wall Street\u2019s expectations for net profit. However just 58% of companies have beaten revenue estimates, the weakest reading in past six quarters, according to FactSet. 158 SP 500 companies are scheduled to report results this week.<\/p>\n<\/div>\n<\/div>\n

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DAX 30 opens lower than other European indices<\/h2>\n<\/div>\n<\/div>\n

European stocks\u00a0<\/b>extended losses on Monday after Moody\u2019s Investors Service downgraded Italy\u2019s sovereign debt rating on Friday by one notch to just above junk, with stable outlook. Both\u00a0EUR\/USD\u00a0<\/em>and\u00a0GBP\/USD\u00a0<\/em>turned lower reversing earlier gains. Both pairs are falling currently. The Stoxx Europe 600 index lost 0.4%. The\u00a0DAX 30\u00a0<\/em>slid 0.3% to 11524.34 while France\u2019s\u00a0CAC 40\u00a0<\/em>fell 0.6%. UK\u2019s\u00a0FTSE 100\u00a0<\/a>slipped 0.1% to 7042.80. Indices opened 0.8% – 1.5% lower today.<\/p>\n

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Italy\u2019s budget deficit concerns weigh on investor sentiment. The European Union is expected to reject the budget proposal today, asking the government to go back to the drawing board. The EU has criticized Italy\u2019s budget plan, which includes a budget deficit of 2.4% for next year from a current 1.8%. Italy told the European Commission on Monday it would stick to its 2019 budget plans in defiance of EU fiscal rules.<\/p>\n<\/div>\n<\/div>\n

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Hang Seng leads Asian indices losses<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are lower today after broad Monday gains.\u00a0Nikkei\u00a0<\/em>fell 2.7% to 22010.78 as yen turned higher against the dollar on back of stronger heaven demand. Chinese shares pared most of Monday\u2019s gains: the\u00a0Shanghai Composite Index\u00a0<\/em>is down 2.4% and Hong Kong\u2019s\u00a0Hang Seng\u00a0<\/em>Index is 3.2% lower. Australia\u2019s All Ordinaries Index fell another 1.1% despite the Australian dollar resumed slide against the greenback.<\/p>\n

\"AU200<\/p>\n

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Brent\u00a0<\/a>down<\/h2>\n<\/div>\n<\/div>\n

Brent futures prices\u00a0<\/b>are falling today as Saudi Arabia pledges to play ‘responsible role’ in market. Prices edged higher yesterday on tensions between the US and Saudi Arabia linked to a missing dissident journalist: December Brent crude added less than 0.1% to $79.83 a barrel on Monday.<\/p>\n

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

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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 Nasdaq snaps three-day losing streak US stocks\u00a0retreated on Monday while technology shares paired most of previous session losses. The\u00a0S&P 500\u00a0slid 0.4% to 2755.88.\u00a0Dow Jones\u00a0industrial fell 0.5% to 25317.41. The\u00a0Nasdaq\u00a0composite index however rose 0.3% to 7468.63. The dollar strengthening resumed despite soft data: the Chicago Fed National Activity Index decreased to 0.17 in September […]<\/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-135931","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/135931","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=135931"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/135931\/revisions"}],"predecessor-version":[{"id":135942,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/135931\/revisions\/135942"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=135931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=135931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=135931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}