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

Signs of a swift recovery in demand. Is it the right time to buy silver?
Oil inches up amid wrangling over Russian oil price cap
USDCAD trades to a new low and centers within the 100 and 200 hour moving averages
GBPUSD making new highs and works toward 200 day MA
Eurozone November flash services PMI 48.6 vs 48.0 expected