(As of 7:15 am PST)
Negative
momentum has persisted into today’s trading session, after yesterday’s selloff
which saw the DJIA decline 292 points while the Nasdaq shed a whopping 2.4%.
Losses today are being driven by a continued selloff in tech and biotech names
as the sector (mostly semiconductors and biotech stocks) has run up strong
gains recently. Concerns over military strikes in Yemen and a slowdown in the
global economy are also adding to concerns this morning. The economic calendar is
light with a report on jobless claims showing claims dropped more than
forecasted last week. International markets are down across the board following
yesterday’s beating on Wall Street. Oil prices are higher with crude inching
above $50 per barrel while gold and other precious metals are up
across the board. Expect volatility to remain throughout the rest of the session as investors gear up for tomorrow's GDP estimate.
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