S&P 500 futures suffer longest run of losses since February – Nairametrics

S&P 500 futures suffer longest run of losses since February – Nairametrics

U.S. stocks closed negative at the last trading session for the week, as heavy losses were recorded in the stock prices of Apple and Boeing, the world’s largest airplane maker.

At the close in NYSE, the Dow Jones Industrial Average declined by 0.88%, while the S&P 500 index declined by 1.12%, and the NASDAQ Composite index lost 1.07%.

The worst performers at the just concluded trading session include Boeing Co which dropped by 3.81% to close at $161.14. Apple Inc, the most valuable listed company, plunged in value by 3.17% to close at $106.84.

READ: U.S dollar set to register its fourth consecutive monthly decline, longest losing streak since 2017

The number of U.S listed stocks that dropped outnumbered gainers at the New York Stock Exchange by 2023 to 1059, and 81 ended neutral. On the Nasdaq Stock Exchange, 1444 fell and 1433 advanced, while 59 ended neutral.

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In an explanatory note to Nairametrics, Stephen Innes, Chief Global Market Strategist at AxiCorp, gave critical insights on the geopolitical indicators affecting U.S stocks.

“The US election risk, which is more about post-election uncertainty than the actual outcomes, is getting partially priced. There is virtually no expectation for stimulus, just as Trump is now pushing the Republicans to agree to a broader fiscal package (I am sure he is overseeing stocks).”

READ: Apple’s market value cross $ 2 trillion

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He also gave a detailed analysis of the present volatility noticed in the Tech stocks dominated Index, by saying:

“The Nasdaq, which plummeted 12% off its Sept. 2 record in just six days, has recouped some 3% of its loss, Nasdaq volatility has dropped and investors – retail and hedge funds – bought the dip.

“Still, they remain scarred, and while relative bargains are to be had, flows are not sponsoring those fire sales as last week’s warning shot on concentration is something investors are not taking lightly.

READ: GTBank, Zenith Bank, MTN record gains, investors up by N50 billion

“The tech sector jolt continues to underscore a subtle change to investor behavior and one that could rear its ugly head again.”

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