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Market and Index
Wednesday was a tough day for the American stock market and all three of the major indices experienced large dips that helped shave off the gains from the last couple of weeks. By the looks of it, Amazon and other tech companies are driving the sell-off.
- The S&P 500 dropped 94.66 points (3.29 percent) and closed the day at 2,785.68, marking the worst day since August 2011.
- The Nasdaq Composite lost 315.97 points (4.08 percent) and closed the day at 7,422.05.
- The Dow Jones Industrial Average lost 831.83 points (3,15 percent) and finished the day at 25,598.74.
- As mentioned, Amazon had a rough day yesterday and saw its shares drop by 6.15 percent. However, the company wasn’t alone. Alphabet (Google), Apple, Facebook, and Microsoft all fell at least 4 percent.
- Yesterday’s worst performer was AMD marking an 8.2 percent drop over the day. So far this year, AMD has gained 150 percent and the forecast is still looking strong.
- AT&T is planning to launch a Netflix competitor in 2019 hosting Time Warner productions.
USD took a breather on Wednesday which has created some surprising opportunities for Thursday trading.
- EUR/USD is climbing and is set to gain more as the European market opens.
- GBP/USD is following a similar pattern and gained both on a weaker greenback but also on news that 80% of Brexit deals are done.
42 percent of the American oil production in the Mexican Gulf has been cut due to safety concerns connected to Hurricane Michael.
Mirroring the American stock market, the cryptocurrency market took a massive nose dive between Wednesday and Thursday. Right now, a majority of the top 100 assets are in the red and several have lost double digits in percent.
- Bitcoin is down 4.21 percent since Yesterday.
- Ethereum is down 9.05 percent.
- XRP was the top asset affected the worst by the sell-off, dropping 10 percent in the past 24 hours.
We will be keeping an eye on the market today to see where it goes but so far indications are showing that more price drops should be expected.
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