- News & Education
US markets took a big hit overnight after a mixed bag of earnings were released from the tech sector.
Google’s parent company, Alphabet, took a 9.5 percent hit in yesterday’s session after releasing some disappointing earnings numbers on their cloud computing business. The $1.5+ trillion company has enough weight to pull down the indices with a move like this, and we saw the Nasdaq fall close to 2.5%, and the S&P 500 fall 1.43%.
This sell-off has landed the S&P 500 heavily into a horizontal support zone around 4,170-4,200, so we will be watching to see if this level can hold. If this falls, there is a bit of room to the next level around 4,060-4,080.
Over in FX, the Aussie dollar saw plenty of volatility in yesterday’s session off the back of hotter than expected CPI data. After a temporary spike up to 63.991, price has fallen away aggressively, down over 1.4% since yesterday’s highs.
US dollar strength cleared any CPI gains, after markets shifted back into risk-off mode with the disappointing tech earnings and escalating tensions in the middle east.
Later today we will have some US GDP data out, plus the ECB is releasing their latest interest rate decision. Both key data events are worth monitoring for USD or EUR pairs.
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.