TradingMarkets Mid-Day Movers
After turning lower over the
course of the previous session, stocks have seen some further
downside in morning trading on Tuesday. The major averages are all
moving sharply lower, with the Dow and the S&P 500 moving lower
for the fifth consecutive session.
A variety of sectors are
seeing substantial weakness, as a steep decline by the Chinese
stock market has raised some concerns about the strength of the
Chinese economy. Many traders are using the opportunity to cash in
on recent gains.
Gold stocks are posting some
particularly steep losses amid a significant decline by the price
of gold, with some airline, brokerage, and housing stocks also
posting considerable losses.
Crude prices continues to move
higher touching a high of $62.14 earlier in the session.Â
Crude for April delivery is currently trading higher by 0.8% at
$61.86 per barrel. Gold futures for April delivery is moving
lower after posting 9-month highs in yesterday’s session.Â
Gold for April delivery is lower by 1.3% to $680.60 an ounce.
Asian markets closed
Tuesday’s session sharply lower. The Shanghai Composite
posted a loss of nearly 9%. Hong Kong’s Hang Seng index and
Tokyo’s Nikkei index posted losses of 1.8% and 0.5% respectively.
Our
Daily Market Bias page has been updated with new indicators to
determine if there is a strong bias for the market to move higher
(or lower) the following day. These tables can help you to
pinpoint market conditions that have historically led to
significant up or down moves over the next 1 to 5 days.Â
Click here for more information on our Daily Market Bias
indicators.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com