Wall Street slides on disappointing corporate earnings
Wall Street indices were under pressure for most of Monday’s session as a few bellwether heavyweights announced disappointing results. U.K. shares closed under pressure ahead of today’s parliamentary Brexit deal vote.
US30USD Daily Chart
Source: OANDA fxTrade
- NVIDIA Corporation (NASDAQ:NVDA) and Caterpillar (NYSE:CAT) were among the disappointing news bearers yesterday, pressuring stocks at the start of the week.
- The index is holding above the 55-day moving average at 24,238. The convergence of the 100- and 200-day moving averages at 24,965 and 24,972, respectively, caps for now. The 100-day average moved below the 200-day for the first time since August 17.
- White House economic adviser Kudlow still thinks the economy is very strong; says GDP report will likely be out next week (delayed due to shutdown). Trump’s State of the Union address is confirmed for February 5.
DE30EUR Daily Chart
Source: OANDA fxTrade
- The Germany 30 index edged lower yesterday, snapping a three-day winning streak, after ECB’s Draghi commented that recent data had been weaker than expected.
- The index is sandwiched between 55-day moving average support at 11,046 and 100-day moving average resistance at 11,415.
- Euro-zone M3 money supply rose 4.1% y/y in December, more than expected, according to data released yesterday.
UK100GBP Daily Chart
Source: OANDA fxTrade
- The U.K. 100 index dropped to its lowest in 3-1/2 weeks yesterday amid uncertainty surrounding today’s parliamentary Brexit deal vote.
- The index is holding above the 61.8% Fibonacci retracement level of the December 27 to January 11 advance at 6,717.5.
- The U.K. Parliament debates and votes on Prime Minister May’s Brexit Plan B later today. A government spokesman said that the U.K. will be leaving the EU on March 29; is committed to leaving with a deal. A “no deal” result could hurt the index.
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