The Nasdaq slides for the seventh day in a row
09-07 11:03uSMART

U.S. stocks close lower as the upbeat survey on the countrys vast service industry sharpen fed rates rise fears. The Nasdaq Composite fell for a seventh consecutive session, its longest losing streak since November 2016. The index fell 0.7 per cent, while the broader S&P 500 index slid 0.4 per cent

 

MACRO

US Markets finished lower following Labour Day holiday, despite the release of strong economic data

US ISM Non-Manufacturing PMI extended its recovery to a reading of 56.9 in August on strong employment and order growth

EU Markets wrapped up marginally higher, even as German industrial orders fell for the sixth straight month   

Asia Markets were broadly higher Tuesday, with Australia lagging its counterparts following a 50-basis point hike

 

SECTORS

Gold retreated from a one-week high on the back of a strong jump in the dollar and treasury yields

WTI Crude Oil tumbled, trading below $86/barrel at time of writing as lockdown would imply softer fuel demand   

 

COMPANY

Illumina climbed 2.5% following its move to appeal against a decision by the European Commission

Alibaba tumbled 3.65% after China reinstated COVID-19 restrictions in Shenzhen and Chengdu

FedEx retreated 2.18% as Citi downgraded the stock from buy to neutral on expectations of softer volumes ahead

 

EVENTS

Today’s Earnings:

  • AeroVironment (AVAV)
  • GameStop (GME)
  • Nio (NIO)

 

Economic Calendar (08 September 2022)

  • Australia Balance of Trade (July)
  • ECB Interest Rate Decision

 

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