European indices end week with a 3 day losing streak after rising strongly Monday/Tuesday

The major European indices are ending the week with a three day losing streak after rising strongly on Monday/Tuesday. Despite the declines, the indices are closing with gains for the trading week.

The provisional closes are showing:

  • German DAX, -0.1%
  • France’s CAC, -0.3%
  • UK’s FTSE 100, -0.35%
  • Spain’s Ibex -0.6%
  • Italy’s FTSE MIB, -0.4%

For the trading week, the major indices are trading with solid gains for the week:

  • German DAX + 3.0%
  • France’s CAC +3.2%
  • UK’s FTSE 100 +2.4%
  • Spain’s Ibex +1.4%
  • Italy’s FTSE MIB +3.0%

In other markets as European/London traders look to exit:

  • Spot gold is trading up $11.80 or 0.67% at $1785.50
  • Spot silver is up $0.20 or 0.92% $22.13
  • WTI crude oil futures are trading up $0.16 at $71.10
  • Bitcoin is trading at $47,641, and remains comfortably below the $50,000 level

More on Morgan Stanley projecting 5 Federal Reserve interest rate hikes

  • “Although the contours of our outlook for inflation and labour markets has not changed, aspects of the Fed’s reaction function may have.”
  • Powell’s recent comments are suggestive of the FOMC is now placing a higher priority on price stability in order to sustain strength in the labour market.

MS also said, on the US dollar:

  • will continue to rally against its peers in the coming months

US stocks lower. NASDAQ tumbles. S&P falls. Dow unchanged

The major US stock indices are ending the day mixed with the Dow industrial average unchanged, the S&P falling and the NASDAQ index tumbling. You can also say the small-cap Russell 2000 index tumbled as well.

  • The NASDAQ index closed -4% from its all-time high
  • Dow industrial average closed -2% from its all-time high S&P
  • NASDAQ index snapped a three day win streak
  • The Dow industrial average is on track for its largest weekly gain since March
  • the S&P is on pace for its largest gain since February

The final numbers are showing:

  • ow industrial average fell -0.06 points or 0.0% at 35754.68
  • S&P index felt -33.78 points or -0.72% at 4667.44
  • NASDAQ index fell -269.61 points or -1.71% at 15517.38
  • Russell 2000 -51.5 points or -2.27% at 2220.20

Some big losers today included a number of the meme stocks: (more…)

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