The S&P 500 futures and EU markets are trading in positive territory this morning after the weak close in US markets last night and the selloff in Asian markets overnight. S&P 500 futures are 0.58% higher and the EURSXX50 index is up by 0.48% as investors look past the 3-day US markets skid led by the technology sector. The Nasdaq is down nearly 10% over the past 3 trading days, after big pullbacks in tech leaders Apple, Tesla, Microsoft and Nvidia. The dollar is stronger across the board in FX markets, establishing its “safe heaven” status alongside the JPY, the dollar index is at 93.6 this morning, up nearly 2% from 2020 lows versus majors over the last 5 trading days. Gold and Silver are trading lower on the stronger dollar, Gold trades at $1,922 per ounce, down 0.75% and Silver trades lower by 1.25%, at $26.35 per ounce. Oil broke yesterday under the $39 support level for the first time in 10-weeks, diving nearly 7% as investors fear the spread of covid-19 will temper demand and block the positive signs of return to normal as many global markets moved out of their coronavirus lockdowns. Oil inventories are to be posted tomorrow after the Labor-day 3-day weekend in the US. WTI is trading higher this morning following yesterday selloff, at $37.48, up 1.87%.
CAD BOC Rate Statement at 8:30 am is the important news on the agenda Wednesday, (all times EST).
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The Nasdaq, the global leading index over the last 5-years took a 10% cut over the last 3-trading days as investors took profits of the table in leading Nasdaq stocks: Apple, Tesla, Nvidia, Facebook and Microsoft.
Breaking the $39 support is not a good signal for OIL investors after the failure to move over the $45 resistance level higher last month, as fear of lower demand and maybe the return of the lockdown covid-19 policies put pressure on Oil prices.
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