The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
US stock index futures opened lower on Friday as they continue to extend a big sell-off from the previous day. A decline is further fueled by concerns over the Federal Reserve's potential policy tightening and China's structural challenges. Futures for the S&P 500 decreased by 0.3%, while the tech-heavy NASDAQ dropped by 0.5%. Currently, US indices are recording their most significant losses since March this year, mirroring trends in European markets. The European Stoxx 600 index has depreciated by 1.0%, just like its Asian counterparts.
The bond market sees a slowdown in the rise of yields. The yield on the 10-year Treasury notes has fallen by five basis points, retreating from its 2007 highs. Bonds in the UK and Germany also saw gains, with their yields contracting. Despite today's reduction in the yield, investors remain wary of entrenched inflation risks and the recent sharp uptick in interest rates. China's real estate crisis, combined with shadow banking system issues, has further agitated market anxiety, raising questions about potential side effects.
Adding to the market's jitters, the Cboe Volatility Index has surged to 18, its highest level since May. Analysts at Bank of America Corp. have warned that stocks could face an additional 4% drop, given the economic turbulence in China and the yield spike on bonds. The expiration of options worth about $2.2 trillion today has also captured traders' attention.
Surprisingly, a slowdown in the prices of risk assets was triggered by the recent publication of the latest Fed minutes. The document indicated that Fed officials are contemplating tightening monetary policy. This revelation has dashed hopes of the central bank halting its rate hikes this year. Now, all eyes are on the upcoming speech by the Fed Chairman at Jackson Hole next week, which will provide insights into the Federal Reserve's intentions.
In other market news, Bitcoin has plummeted and is currently trading around $26,000 following reports that Elon Musk's SpaceX has sold its Bitcoin holdings worth $373 million.
As for the technical outlook for the S&P 500, the demand for the index remains subdued. Buyers are unlikely to develop a proper correction. They need to seize control over the level of $4,382 to be able to push the price further to $4,405. Another goal for the bulls will be to assert their strength at $4,427. If so, they will cancel the bearish market. If the price continues to slide amid persistent risk aversion, buyers will have to do their best to protect the level of $4,357. Its breakout will quickly push the instrument back to $4,332 and will pave the way to the target of $4,290.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।