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Markets and Indices
The American stock market took a major hit during Wednesday trading and was unable to recover before the bell.
- The S&P 500 fell by 84.59 points (3.09 percent).
- The Nasdaq Composite fell by 329.14 points (4.43 percent) marking the biggest drop yesterday.
- The Dow Jones Industrial Average 608.01 points (2.41 percent) erasing this year’s gains before the bell rang.
Most of Wednesday’s sell-off was driven by tech stocks, however, futures are indicating that we could see the Dow Jones rebound already during Thursday.
- Most major tech stocks took a beating yesterday and Netflix ended up plummeting 9 percent.
- Boeing stocks surged after the company published impressive results and upgraded its 2018 forecast.
- Tesla kept rallying during Wednesday after reporting large profits, although experts are divided about the company’s future.
- GBP/USD is falling as the confidence in the sterling slumps on disappointing Brexit news.
- Later today, the ECB will set the near future path for the EUR and especially the EUR/USD.
Despite the recent rally, not everyone is confident in the future of gold. According to Wells Fargo, the commodity could fall to two-year lows within the next couple of weeks.
Most cryptocurrencies continued trading vertical during Wednesday, marking a 10-day period of decent stability across the market. However, as we know by now, stability is an unusual condition for cryptocurrencies and we can expect the normal volatility to return soon.
Much of the market’s near future is still relying on the SEC’s decision regarding the Bitcoin ETFs that are currently awaiting approval.
- Bitcoin is down 0.38 percent since yesterday, trading just below $6,500.
- Ethereum is down 1.37 percent trading just above $200.
- XRP has dropped 2.10 percent since yesterday morning.
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