Second Session Of Wall Street Declines

www.TheLFB-Forex.com The Forex Trader Portal

Current Futures: Dow -30.00, S&P -6.80, NASDAQ -14.50

The S&P index fell to the 995.00 level, the support area of the last few days of trading, following the downbeat forecast of Cisco regarding future revenues and other company reports from the same sector.

The major U.S. market indexes are trading below the breakeven line, as Cisco’s forecast weighed on the overall sentiment of the market. Moreover, the market moved lower for a second consecutive day, even though the weekly unemployment claims came in better than expected.

The S&P futures saw very strong momentum during the overnight session, advancing as much as 1%, however, shortly after the U.S. open, the futures market started falling at a very strong pace, losing 14 points in just a few hours. For now, the S&P market is moving side-ways above the 995.00 level, an area that it has held at it for the last few days of trading. If it breaks any lower, the index will probably continue to retrace the uptrend seen over the last few days of trading. During the cash session, most sectors moved lower, but some relatively small gains were observed in the consumer service and in the industrial sectors. The worst performing industry in the U.S. market was health care, which lost 1.5% following JPMorgan’s downgrade.

The Treasury market traded mixed on Thursday, as traders shifted between the declining stock market, which should empower longer-term maturity bonds, and between the massive sale of debt that is likely to hit the market over the upcoming period, which should add additional downside pressure on the longer-term Treasuries. Yield on the 10-year note gained 0.12 basis points to 3.756%.

The Dow Jones Index fell 31.44 points (0.34%) to 9,249.53, while the S&P 500 index lost 5.85 points (0.58%) to 996.87.

Crude oil for August delivery was recently trading at $71.25 per barrel, down by $0.70.

Gold for August delivery was recently trading lower by $2.00 to $964.30.

TeamLFB provides forex related market analysis and trade signals