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Market and Indexes
The world’s largest indexes continued trading horizontal on Tuesday with low volatility. This type of behavior is normal after last week’s incredible record-breaking run, and it’s indicating that the market is stabilizing for now.
During Tuesday trading, the S&P 500 dropped 4.8 points, the Nasdaq Composite dropped 18.3 points, and the Dow Jones Industrial Average dropped 12.3 points.
Last night, Amazon became the second American company to ever pass a $1 trillion market cap, only weeks after Apple became the first company to do the same. Analysts are now arguing whether the Amazon stock is trading at extremes or has more room to grow.
- Nike shares dropped after the company received backlash from their latest “Just Do It” campaign featuring Colin Kaepernick. Customers have been seen burning their Nike shoes, and Donald Trump commented that the company “sent a terrible message.”
- AMD shares surged as Wall Street expects the company to steal market shares from Intel.
We are expecting a dozen or so reports from the American market today. In addition to a handful of Interim 2018 Earnings Releases, Costco is publishing their Sales and Revenue Release.
- GBP/USD is keeping steady following a round of PMIs from the United Kingdom yesterday. After passing 1.2850, the pair has the potential to continue its upward trend.
- EUR/USD is in the risk zone of extending its losses further after a poor trading day.
- USD/JPY did fairly well in the past 24 hours, and the pair will enter a more optimistic territory if it can push past last week’s high at 111.82.
- US crude oil dips as storm threat against the US Gulf production ease.
- Saudi Arabia has announced that they plan to keep crude oil between $70 to $80.
- Gold fell below $1,200 an ounce for the first time in over a week as the greenback strengthens.
The cryptocurrency market is relatively stable as Bitcoin inches its way towards $7,500. BTC is currently trading at $7,360 after a 1.15 percent increase since yesterday.
- XRP remains untouched and Ethereum seems incapable of pushing past $300. Since Tuesday morning, ETH has dropped 1.10 percent and XRP is down 0.70 percent.
The biggest gainers these past 24 hours are Dropil, Pundi X, and Waltonchain at gains of 15.91, 11.84, and 11.36 percent respectively.
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