– S&P 500 closes down 0.70%, Nasdaq 100 drops over 1%, and Dow Jones Industrial Average falls 0.57%.
– ISM Non-Manufacturing data for August fuels speculation of an additional rate hike by the Fed.
– CME FedWatch Tool shows a 50% chance of a 25 bps rate hike by the Fed in November.
Wall Street finished Wednesday’s session with losses of between 0.57% and 0.70% after data put into the table additional rate hikes by the US Federal Reserve (Fed), as business activity accelerated in the services sector.Consequently, US Treasury bond yields rose, and the
Greenback hit a 10-month high before finishing the session almost unchanged.
The S&P 500 ended the session with losses of 0.70%, while the heavy-tech Nasdaq 100 dropped more than 1%, and the Dow Jones Industrial Average slumped 0.57%.
Wall Street indices close in the red; Technology, Consumer Discretionary, and Health sectors lead the decline
Sector-wise, the biggest loser was Technology, followed by Consumer Discretionary and Health, each down by 1.37%, 0.97% and 0.61%.On the flip side, Utilities and Energ post modest gains of 0.20% and 0.14%.
The Institute for Supply Management (ISM) revealed that
Non-Manufacturing activity improved in August, sparking speculations that an additional rate hike by the Fed is on the table.According to money market futures, there’s a 50% chance the US central could hike 25 bps at the November meeting, as shown by the CME FedWatch Tool.
In the meantime, the
Federal Reserve released its Beige Book, which showed modest economic growth and inflation slowed in most parts of the country.Boston Fed’s President Susan Collins said the US central bank needs to be patient when deciding the path of monetary policy while emphasizing the Fed’s commitment to bring inflation toward its 2% target.
WTI rose almost by 1% in the commodity space underpinned by Saudi Arabia and Russia’s 1.3 million barrel supply cut as traders eyed the release of US crude oil inventories.
S&P 500 Price Action – Daily Chart
S&P 500 Technical Levels
SP 500
|Overview|
|Today last price||4465.11|
|Today Daily Change||-31.13|
|Today Daily Change %||-0.69|
|Today daily open||4496.24|
|Trends|
|Daily SMA20||4446.85|
|Daily SMA50||4476.4|
|Daily SMA100||4346.05|
|Daily SMA200||4169.42|
|Levels|
|Previous Daily High||4512.81|
|Previous Daily Low||4492.63|
|Previous Weekly High||4538.24|
|Previous Weekly Low||4406.07|
|Previous Monthly High||4590.64|
|Previous Monthly Low||4337.34|
|Daily Fibonacci 38.2%||4500.34|
|Daily Fibonacci 61.8%||4505.1|
|Daily Pivot Point S1||4488.31|
|Daily Pivot Point S2||4480.38|
|Daily Pivot Point S3||4468.13|
|Daily Pivot Point R1||4508.49|
|Daily Pivot Point R2||4520.74|
|Daily Pivot Point R3||4528.67|
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