{"id":136040,"date":"2018-10-25T06:54:31","date_gmt":"2018-10-25T10:54:31","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=136040"},"modified":"2018-10-25T06:54:31","modified_gmt":"2018-10-25T10:54:31","slug":"nasdaq-enters-correction-territory","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/10\/nasdaq-enters-correction-territory\/","title":{"rendered":"Nasdaq enters correction territory"},"content":{"rendered":"
October 25, 2018<\/div>
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By IFCMarkets<\/a><\/p>\n

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Dollar strengthens on positive data<\/h2>\n<\/div>\n<\/div>\n

US stock market\u00a0<\/b>ended sharply lower on Wednesday led by technology stocks despite strong economic data. The\u00a0S&P 500<\/a>slumped 3.1% to 2656.10. The\u00a0Dow Jones\u00a0<\/em>industrial average lost 2.4% to 24583.42.\u00a0Nasdaq\u00a0<\/em>composite index dropped 4.4% to 7108.40 which placed the technology index in a correction territory \u2013 10% below its August 29 all-time high. The dollar strengthening resumed as Markit\u2019s reports indicated both the services and manufacturing sectors accelerated their expansions in October: 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 0.5% to 96.339 but is lower currently. Futures on stock indices point to higher openings today.<\/p>\n

\"Nasdaq<\/p>\n

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

European stocks\u00a0<\/b>added to previous session losses on Wednesday ahead of European Central Bank policy meeting. Both the\u00a0GBP\/USD<\/em>\u00a0and\u00a0EUR\/USD\u00a0<\/em>turned lower but are higher currently. The Stoxx Europe 600 lost 0.2%. Germany\u2019s\u00a0DAX 30<\/em>dropped 0.7% to 11191.63. France\u2019s\u00a0CAC 40\u00a0<\/a>slid 0.3% while UK\u2019s\u00a0FTSE 100\u00a0<\/em>added 0.1% to 6962.98.. Indices opened 0.4% – 0.8% lower today.<\/p>\n

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Weak data added to negative factors like political concerns about Italy\u2019s budget deficit and European Union’s inability to reach a Brexit agreement with the UK. German private sector growth in October slowed to its lowest level in more than three years as manufacturing and services sectors\u2019 expansion slowed. Today the European Central Bank meets at 13:45 CET and it is widely expected officials will confirm plans to wind down quantitative easing in December and not raise rates until next summer.<\/p>\n<\/div>\n<\/div>\n

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Shanghai Composite leads Asian indices rebound<\/h2>\n<\/div>\n<\/div>\n

Asian stock indices<\/b>\u00a0are mostly in red after a selloff on Wall Street overnight.\u00a0Nikkei\u00a0<\/em>slumped 3.7% to 21268.73 as yen turned higher against the dollar. China\u2019s stocks pared earlier losses in a choppy trade with investors wary as US-China trade war shows no sign of a settlement as both sides vow to take necessary measures to protect their markets: the\u00a0Shanghai Composite Index\u00a0<\/em>is up 0.02% while Hong Kong\u2019s\u00a0Hang Seng Index\u00a0<\/em>is 1.1% lower. Australia\u2019s All Ordinaries Index however accelerated its decline falling 2.8% while the Australian dollar turned higher against the greenback as Fitch Rating\u2019s confirmed the country\u2019s AAA sovereign rating.<\/p>\n

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Brent\u00a0<\/a>steady despite US inventories build<\/h2>\n<\/div>\n<\/div>\n

Brent futures prices\u00a0<\/b>are steady today while supported by supply tightening concerns ahead of US sanctions against Iran\u2019s crude exports which start from November 4. Prices fell yesterday after the Energy Information Administration report that US crude stockpile rose 6.3 million barrels last week, the fifth straight weekly build. Yesterday the American Petroleum Institute reported that US crude supplies rose 9.9 million barrels last week. Prices fell: December Brent crude lost 0.4% to $76.17 a barrel on Wednesdayy.<\/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 Dollar strengthens on positive data US stock market\u00a0ended sharply lower on Wednesday led by technology stocks despite strong economic data. The\u00a0S&P 500slumped 3.1% to 2656.10. The\u00a0Dow Jones\u00a0industrial average lost 2.4% to 24583.42.\u00a0Nasdaq\u00a0composite index dropped 4.4% to 7108.40 which placed the technology index in a correction territory \u2013 10% below its August 29 all-time […]<\/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-136040","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136040","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=136040"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136040\/revisions"}],"predecessor-version":[{"id":136042,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/136040\/revisions\/136042"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=136040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=136040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=136040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}