1) U.S. Equity markets suffered big losses again on Wednesday as job losses mount and the coronavirus death toll climbs. The Dow Jones Industrial Average dropped 973.65 or 4.44%, the S&P 500 fell 114.09 or 4.41% while the NASDAQ 100 closed lower by 339.52 or 4.41% and the Russell 2000 finish lower by 81.11 or 7.03%.
2) Crude Oil Futures bounced slightly despite U.S. inventory growth while Gold Futures added $5.10 or 0.32%. The Bond market showed strength while the 10-Year Treasury Note settled at 0.635%.
3) The ADP National Employment report was released before market open this morning and confirmed that private-sector employment decreased by 27000 jobs from February to March. This does not reflect the full impact of Covid-19 on the overall employment situation. Tomorrow, the Jobless Claims report for last week will be released followed by the full Employment Situation report on Friday.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
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