Stocks close near session lows. Nasdaq plunges over 3%

Technical Analysis

Nasdaq breaks 3 day up streak

The US stocks are closing near the session lows with the Nasdaq leading the way. The tech heavy Nasdaq plunged over 3% lower and snapped a 3 day up streak. The other indices all closed lower as well.  

The final numbers are showing:

  • S&P down -58.66 points or -1.48% at 3915.46
  • Nasdaq down -409.03 points or -3.02% at 13116.16
  • Dow -153.20 points or -0.46% at 32862.17.

The catalyst for the move lower was higher rates one day after the Chair Powell tried to reassure the market that the Fed would tolerate higher inflation and growth estimated to be as high as 6% in 2021.  The bond market did not buy the argument, however, and moved up as high as 1.7526% for the 10 year, before coming back down to 1.717% currently.  

Invest in yourself. See our forex education hub.

Articles You May Like

USDCAD falls to a new low and moves from 200 hour MA
Dollar Down as Smaller Fed Hike Affirmed, But Downside Potential Limited
Gold rate today: Yellow metal edges marginally higher; silver holds Rs 62,000
Professional Break & Retest Trading Strategy That Avoids 80% Of False Signals
Oil jumps on hopes for easing of China’s COVID controls