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

Newsquawk Week Ahead: Highlights include RBA, BoE, BoJ SOO, Canada Jobs, UK GDP
Aussie Weighed Down by Retail Sales and China, Gold Ready for Another Down Leg
GBP/USD Price Analysis: Bears in charge as ‘shooting star’ looms
Japan did not intervene in FX market from 28 March through to 25 April
U.S. job growth totaled 175,000 in April, much less than expected, while unemployment rose to 3.9%