JS-TechTrading: US Market Update
US Market Update
The U.S. midterm elections won't have an official conclusion for quite some time. Meanwhile, investors are facing questions about what Thursday's latest inflation report means for the path of interest rates.
The general reaction toward corporate third-quarter earnings has been poor. This puts the durability of the latest rally attempt during the current bear market in question.
The stock market dislikes uncertainty which become obvious during yesterdays’ session. Small caps to megacap techs faced severe losses. Key indexes finished virtually at session lows. The current uptrend remains under intense selling pressure. Always think risk first!
The Nasdaq dropped 2.5% and wiped away three days' worth of gains. Another drop like the one on Wednesday could lead to a test of the Oct. 13 near-term low of 10,088.
Small caps did worse as the Russell 2000 sank 2.7%. The large-cap S&P 500 sank 2.1%.
On Thursday, all eyes on Wall Street will focus on the October consumer prices report.
The Day's Biggest Decliners
The oil and gas sector really got socked as crude oil futures fell even harder than the stock market benchmarks. West Texas intermediate near-term futures slid 3.7% to $85.61 a barrel. Natural gas fell 2.9%. Lower energy prices will indeed help soften the blow that raging inflation is having on the economy. But this has consequences for stock market investors as well.
Lowlight: Chart Industries (GTLS) fell 20% (oil and gas machinery and equipment industry group).
The U.S. midterm elections won't have an official conclusion for quite some time. Meanwhile, investors are facing questions about what Thursday's latest inflation report means for the path of interest rates.
The general reaction toward corporate third-quarter earnings has been poor. This puts the durability of the latest rally attempt during the current bear market in question.
The stock market dislikes uncertainty which become obvious during yesterdays’ session. Small caps to megacap techs faced severe losses. Key indexes finished virtually at session lows. The current uptrend remains under intense selling pressure. Always think risk first!
The Nasdaq dropped 2.5% and wiped away three days' worth of gains. Another drop like the one on Wednesday could lead to a test of the Oct. 13 near-term low of 10,088.
Small caps did worse as the Russell 2000 sank 2.7%. The large-cap S&P 500 sank 2.1%.
On Thursday, all eyes on Wall Street will focus on the October consumer prices report.
The Day's Biggest Decliners
The oil and gas sector really got socked as crude oil futures fell even harder than the stock market benchmarks. West Texas intermediate near-term futures slid 3.7% to $85.61 a barrel. Natural gas fell 2.9%. Lower energy prices will indeed help soften the blow that raging inflation is having on the economy. But this has consequences for stock market investors as well.
Lowlight: Chart Industries (GTLS) fell 20% (oil and gas machinery and equipment industry group).
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