Saturday, May 28

MARKETS LIVE Wall Street Plunges as Concerns Mount

  • American Indexes in Red with Nasdaq Leading Falls
  • Consumer Disc, Financials Biggest Losers Among S&P Sectors
  • Basic consumer products and public services are the ones that fall the least
  • The Euro Stoxx 600 index falls ~ 3%
  • Dollar Rises, Gold Flat; crude off, bitcoin down ~6%

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Wall Street falls while accumulating worries (0944 Est / 1444 GMT)

Wall Street’s three major indices tumbled on Monday with the Nasdaq falling 2% leading the declines as the prospect of a Russian attack on Ukraine rattled global markets ahead of a Federal Reserve policy meeting later in the month. this week.

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Also on investors’ minds was a sell-off last week with major indices ending sharply lower on Friday as Netflix shares set the tone with a drop after a weak earnings report, capping the S&P 500 and the Nasdaq, the biggest weekly percentage declines since the start of the COVID-19 pandemic. 19 pandemic in March 2020. read more

NATO said on Monday it was putting forces on standby and bolstering Eastern Europe with more ships and warplanes, in what Russia denounced as an escalation of tensions over Ukraine. President Joe Biden has begun considering options for boosting US military assets in the region, Senior Administration officials said. read more

This week’s Fed meeting is expected to shed more light on the central bank’s plans to tighten policy, including interest rate hikes.

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All 11 major S&P sectors are in the red, with defensive stocks such as consumer staples (.SPLRCS) and utilities (.SPLRCU) losing the least ground, while growth stocks and cyclicals are falling. They are among the major bears with consumer discretionary (.SPLRCD) and financials (.SPSY) sliding.

Here is its opening snapshot:

Wall Street stocks fall



Dow Industrials: Slip returns to Slide (0900 Est / 1400 GMT)

After ending on January 4 with a record close of 36,799.65, the Dow Jones Industrial Average (.DJI) has tumbled almost 7% in just 12 days of activity. Read more.

Much of this decline is due to a current six-day losing streak, close to 6%. And with CBT e-mini Dow futures reversing a 253-point overnight gain, and now pointing to a loss of around 250 points at the open, the blue-chip average may threaten a seventh straight day of losses.

The Dow Jones last fell seven days in a row in February 2020, in the early stages of what would ultimately prove to be a 37% crash at the close. The Dow last fell eight days in a row in June 2018.

So, at least in the short term, in terms of its streak, DJI may be extending lower.

Of note, the DJI ended Friday essentially right at its 1929 weekly log scale broken line of resistance, which has been acting as support since being overwhelmed early last year. However, with the opening weakness, the DJI will be below this line, which will rise to around 34,300 this week:


Additional Dow support can be found at its mid to late 2021 lows at 34,006, 33,613 and 33,271.

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The 23.6% and 38.2% Fibonacci retracements of the entire March 2020 to January 2022 advance are at 32,530 and 29,794. The Dow’s February 2020 peak was 29,568.

In the event of a sudden force, which brings DJI back on line from 1929, you’ll still have work to do to repair your recent damage. This, given that its 40 and 10 week moving averages are now resistance, ending at 35,030 and 35,511 last Friday.

(Terence Gabriel)



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Terence Gabriel is a market analyst for Reuters. The opinions expressed are yours

Our standards: the Thomson Reuters Trust Principles.

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