U.S. indices closed lower on Tuesday as the Dow fell by appx 475 points. Technology Hardware & Equipment (-2.43%), Semiconductors & Semiconductor Equipment (-2.31%) and Pharmaceuticals, Biotechnology & Life Sciences (-2.17%) sectors were under pressure. The S&P 500 (2,884.05) broke below its 20d moving average (2,915.37 – flat slope) but remains above 50d moving average (2,856.75 – positive slope).
European markets are expected to start on a negative note.
Foreign Exchange
The US dollar was bullish against all of its major pairs on Tuesday with the exception of the JPY and the AUD. On the economic data front, there was no data released.
The Euro was mixed against its major pairs. The European Commission lowered its forecasts for the euro zone growth to 1.2% in 2019 and 1.5% in 2020, from a previous anticipation of 1.3% and 1.6% respectively. German factory orders increased by 0.6% in March (+1.4% expected) after a 4% drop in February.
The Australian dollar was bullish against all of its major pairs except for the JPY.
Commodities
After the close of Wall Street, WTI Crude Future (JUN 19) was down $1 to $61.24. The contract was below its 20D MA (@ $63.83) and above its 50D MA (@ $61.17).
Gold was up $3.4 to $1284.5. The precious metal was above its 20D MA (@ $1281) and below its 50D MA (@ $1293).
Copper Future (JUL 19) on Comex was down 4.1c to 278.85c/lb. The contract was below its 20D MA (@ 289.04c) and below its 50D MA (@ 290.67c). In Europe, the London Metal Exchange reported its copper inventories increased 1800 tons to 230075 tons.