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DJ 30 futures are currently trading at 26375- lower by 0.54% as compared to the previous close. The contract closed in the negative territory in the last trading session also.
In the Cash Markets, the DJIA dropped 135 points at the time of writing. On Thursday, the 30-stock index fell about 281 points.
U.S. equities dropped today, weighed by tariff-sensitive technology shares following an escalation in Sino-U.S. trade tensions, while investors digested U.S. jobs report.
U.S. President Donald Trump announced on Thursday that the U.S. will impose 10% tariffs on another $300 billion worth of Chinese imports starting from 1st September. The U.S. President said later on the day that he was ready to hold tariffs if China increases its U.S. agricultural purchases.
President Trump’s tariff announcement came after the two sides ended a round of trade talks this week with little evidence of progress.
The U.S. President is also set to make an announcement on European Union trade later today.
Stocks of energy giant Exxon Mobil dropped 1.34% after the company reported a 21% fall in quarterly profit due to weaker natural gas prices and lower refining costs.
Chevron Corp. dropped 0.15% after its revenue growth came in below consensus estimates.
Bank shares in the index also underperformed on Friday. Goldman Sachs and JP Morgan were down 2.4% and 0.75% respectively at the time of writing.
Other top losers in the Dow Jones include Apple (down 2.52%), Visa (down 1.70%), and Dow (down 2.52%) at the time of writing.
For the week, the 30-stock has lost about 2.9% and set to post its second-worst week of this year.
The U.S. economy has added 164K jobs in July, according to data released by the Labor Department earlier today. Payrolls number was in line with market expectations.
In addition, Average Hourly Earnings also out today rose 3.2% on an annualized basis in July. Earnings growth was above the consensus estimates of 3.1%.
On the technical front, the RSI is currently at 31.77% and suggests that the market can move in the downward direction. The current price is below the MA5. The current price is below the lower band of the Bollinger Bands and is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Limit Sell At 26405, Take Profit At 26245 Stop Loss At 26485