Market continues to dip; momentum unchanged due to FOMC's meeting minutes

Stocks extended losses ended lower for 2 days in a row now after traders digest the minutes of the Federal Reserve meeting which implied significant increase in discussions about the current asset purchase program and as to when it should be change.
 
SHEUNG WAN, Hong Kong - Aug. 31, 2021 - PRLog -- The content of the minutes, in addition to the mixed results from the corporate earnings report for the second quarter, have clearly swayed traders' sentiment causing worries to be highlighted. The Commerce Department's retail sales report that came is became the focus after it shows very disappointing results that further concerned investors, with July sales dropping by 1.1% instead of the expected 0.3%.

There's also the slowing down of retail sales which signifies a lot of things, and may be the start of the deceleration that traders are worried about.

The contents of the Fed meeting shown on the minutes had given traders a rough idea as to when the tapering of the asset purchase program will take effect. This had always been a key focus for investors as it will dictate when the accommodative settings are likely to be taken away.

Today's market is as follows;
  • The Dow went down to 34,960.69, adding 382.59 points or 1.08%.
  • NASDAQ ended lower at 14,525.91 shredding 130.27 points or 0.89%.
  • The S&P 500 Index landed at 4,400.27 after losing 47.81 points or 1.07%.
  • U.S. 2 Year Treasury yield flat at 0.2170.
  • U.S. 10 Year Treasury yield also flat at 1.2620.
  • Gold down to $1,787.055 per ounce after losing $0.271 or 0.02%
  • Silver currently at $23.3810 per ounce after decreasing by 0.53%.
  • Western Texas Intermediate Crude decreased by 3.35% and now at $63.27 per barrel.
  • Brent crude at $66.33 per barrel after losing by 2.78%.
  • U.S. Dollar Index up by 0.21% at 93.34.
  • Euro down by 0.15% closing 1.16908 vs USD.
  • Yen increased dropped by 0.22% at 109.552 against USD.
Crypto Currency Market: Investors are focused as Bitcoin's chart is trying to break its 50k price. If the said rate broke out most analyst is positive that we are now approaching the bull market. Volatility is still there so cautionary advice is given to all retail investors.

Be updated on the latest financial news, US Stock and Crypto Currency Market at Eden Capital Management Limited, do visit our website at https://edencapitalmanagementltd.com/ or contact us thru email.

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