The selloff of technology and internet stocks began again yesterday sending indices lower. Twitter, for example, lost about half of its value from the beginning of the year as the lock up in shares expired. Facebook, Netflix and Tesla also experienced losses. At the end of the session, the S&P 500 was 0.9% lower and the Dow Jones was 0.78% lower. Asian stocks also declined as investors followed the technology selloff in the US and the Dollar dropped strongly against the Yen. The Dollar is now trading at around ¥101.6 compared to ¥102.2 yesterday sending the Nikkei 2.93% lower. The Hang Seng lost 1.05% after the HSBC Services PMI declined during the past month showing a slowdown in the economy, this came after a release earlier in the week showed that Manufacturing PMI missed expectations. European markets are slightly lower due to increased tension in Ukraine. Currently, the DAX is 0.03% higher, while the FTSE 100 is leading the CAC 40 lower. They are down 0.28% and 0.07% respectively.
WTI Crude increased after a report from the API showed that stockpiles declined in the U.S. The tension in Ukraine has led the U.S. and EU to discuss increasing sanctions once again which leads to speculation that energy supplies could be restricted. Inventory data will be release by the EIA today at 2.30pm GMT. Gold has reached a 3 week high as traders are investing in safe haven assets. Janet Yellen, Head of the Federal Reserve, will be testifying today in Washington at 2pm EST. Traders should focus on this as her comments could trigger a reaction for the Dollar and Gold.
Today’s Main Events:
12.30 GMT: CAD – Building Permits – measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.
12.30 GMT: USD – Nonfarm Productivity – measures the annualized change in labor efficiency when producing goods and services, excluding the farming industry.
14.00 GMT: USD – Fed Chair Yellen Testifies – Due to testify before the Joint Economic Committee of Congress, in Washington DC
May 7, 2014 – Daily Market News
Today’s Hot Assets: USD, Gold
The selloff of technology and internet stocks began again yesterday sending indices lower. Twitter, for example, lost about half of its value from the beginning of the year as the lock up in shares expired. Facebook, Netflix and Tesla also experienced losses. At the end of the session, the S&P 500 was 0.9% lower and the Dow Jones was 0.78% lower. Asian stocks also declined as investors followed the technology selloff in the US and the Dollar dropped strongly against the Yen. The Dollar is now trading at around ¥101.6 compared to ¥102.2 yesterday sending the Nikkei 2.93% lower. The Hang Seng lost 1.05% after the HSBC Services PMI declined during the past month showing a slowdown in the economy, this came after a release earlier in the week showed that Manufacturing PMI missed expectations. European markets are slightly lower due to increased tension in Ukraine. Currently, the DAX is 0.03% higher, while the FTSE 100 is leading the CAC 40 lower. They are down 0.28% and 0.07% respectively.
WTI Crude increased after a report from the API showed that stockpiles declined in the U.S. The tension in Ukraine has led the U.S. and EU to discuss increasing sanctions once again which leads to speculation that energy supplies could be restricted. Inventory data will be release by the EIA today at 2.30pm GMT. Gold has reached a 3 week high as traders are investing in safe haven assets. Janet Yellen, Head of the Federal Reserve, will be testifying today in Washington at 2pm EST. Traders should focus on this as her comments could trigger a reaction for the Dollar and Gold.
Today’s Main Events:
12.30 GMT: CAD – Building Permits – measures the change in the number of new building permits issued by the government. Building permits are a key indicator of demand in the housing market.
12.30 GMT: USD – Nonfarm Productivity – measures the annualized change in labor efficiency when producing goods and services, excluding the farming industry.
14.00 GMT: USD – Fed Chair Yellen Testifies – Due to testify before the Joint Economic Committee of Congress, in Washington DC
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