Dow Jones tumbled wild today after the fed rising interest rates
The Dow Jones Industrial Average fell by 1.71% to 30183.08 on Thursday 22 September
U.S. stock futures were trading lower during Sunday’s evening deals, after major benchmark indices retreated on Friday following Fed Chair Powell’s comments at the Jackson Hole, signaling a willingness to hike interest rates even if it causes economic pain.
By 19:00 ET (23:00 GMT) DOW JONES FUTURES were down by 1.7%, S&P 500 Futures tumbled 0.2% and Nasdaq 100 Futures fell 0.2%.
Ahead of the week, market participants will be monitoring more speeches from Federal Reserve officials, as well as ADP Employment Change, JOLT job opening, and ISM Manufacturing PMI data. Key NON-farm payrolls data will also be closely watched, with the economy expected to add 285k positions and unemployment to hold at 3.5%.
During Thursday’s regular trade, the DOWN JONES INDUSTRIAL Average fell 500 points or 1.7% to 32,283.4, the S&P 500 shed 141.5 points or 1.7% to 3,789, and the NASDAQ Composite down by 1.8% in a day.
OPEC+ is a group between the Organization of the Petroleum Exporting Countries and its Allies. meets later Monday for the tight supplies of oil.
Today’s weakness in the European market occurs because the people’s bank of China cut the repo rate and increased cash injections into the economy, a major driver of economic growth which has been hit hard by Covid-19 lockdowns
LONG-TERM TECHNICAL ANALYSIS
This daily chart indicates that Dow jones was trading in a down channel. Currently, it is trading below all SMA. RSI is in the selling zone, which indicates bearishness, and MACD is below zero, which indicates bearishness.