The S&P 500 index fell over 1 percent on Thursday for its sixth consecutive day, as investors sought out safe havens in gold with heavy trading surging in volume by around 55 percent for the last 30 days.
The Nasdaq indexes fell with tech and energy companies declining, with insurers and household product manufactures weighing on the markets.
Chief investment strategist for LPL Financial, John Lynch said that investors who are looking to long-term goals will have to make more active strategies as volatility is back. The varying data points that causes market anxiety are not to be feared as the fundamentals are strong.
Managing partner at Harris Financial Group, Jamie Cox thinks that the correction is just the run of the mill which has been brought about by the uncertainty in global growth and the Feds pace of rate hikes.
According to Barclays, head of investment strategy, William Hobbs who believes that this period is incredibly profitable, if you can keep your nerve.
European and Asian Markets
Plunging Asian and European equity markets extended worldwide with a 5 percent decline on China’s Shanghai Composite and over 6 percent in the technology heavy benchmark in Taiwan. The main equity index in Europe declined to the lowest since 2017.
The Federal Reserve has been raising interest rates and trimming their balance sheet which has helped the repricing of riskier assets. This week the U.S. Treasury will auction $230 billion worth of debt.
Stocks
• As of 2.30pm in New York the S&P 500 Index had fallen 1.2 percent
• The Dow Jones Industrial Average fell 1.1 percent
• The Nasdaq 100 Index slipped 0.6 percent
• The Stoxx Europe 600 Index fell to its lowest since December 2016 falling 2 percent
• At its lowest since May 2017 the MSCI Asia Pacific Index fell 3.3 percent
• The MSCI Emerging Market Index plunged 3.1 percent, its biggest decline in two years
Currencies
• The Bloomberg Dollar Spot Index slipped 0.5 percent
• The euro gained 0.6 percent to $1.1586`
• The British pound rose 0.2 percent to $1.3219
• The Japanese yen gained 0.2 percent to 112.06 per dollar
• Cryptocurrencies fell 11 percent
Commodities
• Gold gained 2.4 percent to $1,223.22 a troy ounce
• West Texas Intermediate crude fell to $71.02 a barrel or 2.9 percent as estimates for demand were cut by OPEC
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