News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Mixed
GBP/USD
Bearish
USD/JPY
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • Fed's Evans: - Monetary policy stance is appropriately accommodative - Fed now pays little attention to money supply data, maybe not at all #Fed $USD
  • Heads Up:🇺🇸 Fed Beige Book due at 19:00 GMT (15min) https://www.dailyfx.com/economic-calendar#2021-03-03
  • Fed's Evans: - Not going to think about QE taper until we see further substantial improvement towards our goals - Lesson of taper tantrum was to be credible on meeting goals #Fed $USD
  • Fed's Evans: I share the view that the recent rise in yields is healthy and a positive economic sign. #Fed $USD
  • Fed's Evans: Don't expect we'll need to change duration of bond buys. #Fed $USD
  • Fed's Evans: - Doesn't see a great risk of inflation rising too quickly - Could see inflation temporarily above 2% - Higher inflation that delivers 2% on average is ok - It would be extraordinary for inflation to get up to 3%, wouldn't be a real problem even if it does #Fed $USD
  • USD/CAD struggles to retain the advance from the February low (1.2468) as Federal Reserve officials show little interest in adjusting the path for monetary policy. Get your $USDCAD market update from @DavidJSong here:https://t.co/2QkWThxkgQ https://t.co/WNqR0fDPva
  • Fed's Evans: - Optimistic about recovery - Expects unemployment to be closer to 5% by end of 2021 #Fed $USD
  • Mid-Week Market Check Up- $USD, $EURUSD, $USDCAD, #Gold, #Silver, $SPX & #Bitcoin and More! (Webinar Archive)- https://t.co/YA8stRdhgx
  • Fed's Evans: - 2021 should deliver a strong economic rebound - Fiscal support will be very helpful - There is still quite a gap in employment - Headline unemployment rate masks lots of people still on sidelines #Fed $USD
Nasdaq 100 Forecast: Stocks Plunge on Coronavirus Fears

Nasdaq 100 Forecast: Stocks Plunge on Coronavirus Fears

Peter Hanks, Strategist

Nasdaq 100 Price Outlook:

Nasdaq 100 Forecast: Stocks Plunge on Coronavirus Fears

After stumbling into the weekend, stocks suffered a massive gap lower to start the week with the Nasdaq plummeting more than -4% at the open. Early price moves on the S&P 500 and Dow Jones were even more historic as each posted their largest lower gaps in over 20 years. As we discussed last week, equity price action was becoming increasingly tenuous as gold mounted a bullish breakout higher and risk-sensitive currencies like the Australian Dollar edged lower.

Nasdaq 100 Price Chart: Daily Time Frame (August 2015 – February 2020)

nasdaq 100 price forecast

Gap measure percent in red, daily rate of change in blue

Still, the rally had proved resilient up to this point and further declines were not guaranteed but an uptick in coronavirus fears over the weekend seemingly sparked greater risk aversion and were largely to blame for Monday’s tragic opening. As the outbreak expands into a global issue, its economic impact will extend similarly. To that end, a worrisome uptick in confirmed cases in Italy, Iran and South Korea reveal the alarming ability of the virus to spread. Consequently, global travel is expected to slow, and airline stocks have reacted accordingly.

Nasdaq 100 Price Chart: 4 – Hour Time Frame (December – February)

nasdaq 100 price chart

Evidently, the damage is not limited to airline stocks as the tech-heavy Nasdaq led Monday’s declines and earnings expectations have been lowered across the board. With that in mind, it is difficult to ascertain the exact impact of the coronavirus because there are so few precedents and so many unknowns. This creates greater uncertainty for investors – something which most detest – and it could translate to prolonged volatility for the stock market in the days and weeks to come.

Dow Jones, Nasdaq 100, DAX 30, Nikkei 225 Forecasts for the Week Ahead

Either way, it seems the driving force behind both price action and sentiment is the virus, so further updates could prove crucial for the Nasdaq as it looks to hold above subsequent support. Similarly, various central bank officials from across the globe have begun to express potential monetary policy initiatives to combat the economic effects of the virus.

Starts in:
Live now:
Mar 10
( 16:03 GMT )
Recommended by Peter Hanks
Weekly Stock Market Outlook
Register for webinar
Join now
Webinar has ended

Should the measures result in balance sheet expansion, it may provide buoyancy over the shorter-term, but the constant injection of liquidity could have longer-term implications that will have to be reconciled eventually. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis on the stock market.

Equities Forecast
Equities Forecast
Recommended by Peter Hanks
Get Your Free Equities Forecast
Get My Guide

--Written by Peter Hanks, Junior Analyst for DailyFX.com

Contact and follow Peter on Twitter @PeterHanksFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES