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
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
Oil - US Crude
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
Wall Street
Mixed
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Gold: 0.82% Silver: 0.65% Oil - US Crude: -0.05% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/KVfIXfvjtM
  • Gold breaks out of the range-bound price action from earlier this week as the 10-Year US Treasury yield slips to a fresh monthly low (1.53%). Get your $XAUUSD market update from @DavidJSong here:https://t.co/QlflNxQb8o https://t.co/cMYBlVaH5X
  • Bank of America sets bond sale at $15 billion, new record issuance for a bank - BBG $BAC
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.51%, while traders in Germany 30 are at opposite extremes with 80.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/Rt3UaXS0iz
  • CI Global Asset Mgmt to launch world's first Ethereum ETF - BBG $ETH
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: Wall Street: 0.28% US 500: 0.16% France 40: 0.08% FTSE 100: 0.08% Germany 30: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/GMkjgMV7IS
  • US Indices are mixed today. The S&P 500 and Dow are up while Tech and Small Caps are trading slightly in the red. DOW +0.28% SPX +0.17% NDX -0.12% RUT -0.13% $DIA $SPY $QQQ $IWM
  • The US 10yr Treasury yield has slightly risen from the one month low hit yesterday around 1.53% to currently trade around 1.57%. Yields remain depressed compared to their levels from late March/early April. $USD https://t.co/uJJHXPaOhm
  • Retail CFD traders (at IG) have built up their heaviest short and net short position on the $SPX since we hit the peak at the beginning of September: https://www.dailyfx.com/sentiment https://t.co/IGK0KKRwwB
  • Hey traders! Wrap up the week with a quick market update from @DailyFX Chief Strategist @JohnKicklighter 👇 https://t.co/qLtlinTzj8
Dow Jones, Nasdaq 100, S&P 500 Forecast: Stocks Slip As Biden Announces VP

Dow Jones, Nasdaq 100, S&P 500 Forecast: Stocks Slip As Biden Announces VP

Peter Hanks, Strategist

Dow Jones, Nasdaq 100, S&P 500 Price Outlook:

  • The Dow Jones, Nasdaq 100 and S&P 500 all closed in the red as yields popped and gold stumbled
  • Another lower close for the Nasdaq marks the third consecutive daily loss, the first such streak since March
  • Will the selection of Kamala Harris tangibly impact markets or was the selloff merely coincidental?

Dow Jones, Nasdaq 100, S&P 500 Forecast: Stocks Slip As Biden Announces VP

The Dow Jones, Nasdaq 100 and S&P 500 fell sharply into the close to round out an unusual day of price action. Slipping gold and silver prices, a US Dollar whipsaw and rising yields were some of the other notable developments, all of which took place earlier in the session. The catalyst behind these moves was widely argued, but an announcement from Democratic Presidential nominee Joe Biden may take center stage heading into the latter half of the week.

In a Tweet shortly after the market close, Mr. Biden announced California Senator Kamala Harris as his Vice President pick, despite their clashes in prior debates. While the role of the Vice President is typically limited, Wall Street may have reservations about some of the policy Harris intends to pursue if elected. Tax cut rollbacks and a new tax levied on financial trading transactions are two of the most prominent proposals that could ruffle feathers on Wall Street.

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

Since some Americans believe, if elected, that Biden will quickly step aside to allow Harris to take the helm, her policy may fall under greater scrutiny than is normal. Regardless, election night is some distance away so both candidates and their running mates will have ample opportunity to further flesh out their economic policy plans as well as their tax intentions. Thus, it is too early to say with certainty that the declines are due to Harris on the Biden ticket, but a follow-through in the days ahead could begin to provide evidence for the argument.

Nasdaq 100 Price Chart: 4 – Hour Time Frame (April 2020 – August 2020)

Nasdaq 100

Either way, the Nasdaq 100 stands on precarious footing above an area that has influenced price previously. Teetering above 10,900, a daily close beneath the level could open the door to further losses, so the technical landscape is rather tenuous. If broken, the subsequent support may materialize at confluent support around 10,600. In the meantime, follow @PeterHanksFX on Twitter for updates and analysis.

Starts in:
Live now:
Apr 21
( 15:04 GMT )
Recommended by Peter Hanks
Weekly Stock Market Outlook
Register for webinar
Join now
Webinar has ended

--Written by Peter Hanks, Strategist 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