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S&P 500 DROPS AS WEAK JOBS REPORT STOKES ECONOMIC GROWTH CONCERNS - Capital Street FX

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    • S&P 500 DROPS AS WEAK JOBS REPORT STOKES ECONOMIC GROWTH CONCERNS
09-Mar
00:10 IST

S&P 500 futures are currently trading at 2723- lower by 0.97% as compared to the previous close. The index futures have been closing in negative territory since the last 4 trading sessions.

In the cash markets, the benchmark index inched down 0.89% to 2724.32 at the time of writing. U.S. equities fell today after the government released employment data that badly missed expectations, adding to growing concerns that the global economy may be slowing down.

Democratic Senator Elizabeth Warren said if elected president she would seek to break up tech giants Amazon.com, Alphabet Inc.’s Google and Facebook. The technology sector fell 0.42% and was the biggest weight on the S&P 500, while Facebook, Amazon, Apple Inc., Netflix Inc. fell between 0.2% and 1.3%.

Amid widespread pressure on energy shares, stocks of Exxon Mobil Corp. were among the index’s biggest losers, falling 1.87% after being downgraded by Cowen to market perform from outperform.

DowDuPont Inc. stocks fell 0.55% after the board of the materials and chemicals giant approved the separation of its materials science division, setting up the creation of a new publicly traded firm called Dow.

On the other hand, Costco Wholesale Corp surged 4.78%, the most on the S&P 500, after the warehouse club operator’s quarterly profit trumped estimates as margin pressures eased.

Big U.S. banks on the index pared their losses, with Bank of America Corp, JPMorgan Chase & Co, Morgan Stanley, Citigroup Inc. trading between flat and down 0.4% at the time of writing.

For the week, the S&P 500 is on track to lose 2.7%. The broad-market index recorded five new 52-week highs and five new lows.

On the economic front, Nonfarm Payrolls for February released earlier today came in at 20,000- below the market expectation of 180,000. Official data also showed that last month was the weakest month of jobs creation since September 2017.

On the technical front, the RSI is currently at 41.65% and suggests that the market can move in the downward direction. The current price is below the MA5 (2762). 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 2727, Take Profit At 2712 Stop Loss At 2735

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