Asia Morning: U.S. Stocks Sink Further Amid Lingering Pandemic

Market sentiment is dampened by New York City's decision to close public school indefinitely...

Trading floor 2

On Wednesday, U.S. stocks gave up earlier gains to closed at session lows. The Dow Jones Industrial Average slid 344 points (-1.16%) to 29438, the S&P 500 dropped 41 points (-1.16%) to 3567, and the Nasdaq 100 was down 82 points (-0.69%) to 11894.


S&P 500 Index (Daily Chart) : Consolidating Recent Gains

Sources: GAIN Capital, TradingView


Market sentiment was dampened by New York City's decision to close public school indefinitely in view of increasing coronavirus cases.

Energy (-2.88%), Utilities (-1.94%) and Pharmaceuticals, Biotechnology & Life Sciences (-1.79%) sectors performed the worst. Lowe's (LOW -8.21%), Norwegian Cruise Line (NCLH -7.25%), Phillips 66 (PSX -5.58%) and Valero Energy (VLO -5.36%) were top losers.

Approximately 90% (in line with the prior session) of stocks in the S&P 500 Index were trading above their 200-day moving average and 85% (88% in the prior session) were trading above their 20-day moving average.

European stocks remained firm. The Stoxx Europe 600 gained 0.44%, both Germany's DAX and France's CAC 40 climbed 0.52%, and the U.K.'s FTSE 100 added 0.31%.

The benchmark U.S. 10-year Treasury yield ticked higher to 0.880% from 0.872% Tuesday.

Spot gold declined $9 (-0.5%) to $1,870 an ounce.

U.S. WTI crude futures (December) added $0.21 (+0.51%) to $41.64 a barrel.

The U.S. dollar continued to lagged behind other major currencies. The ICE Dollar Index edged lower to 92.40 posting a five-session decline.

The Japanese yen kept receiving bids, as USD/JPY sank a further 0.34% to 103.84 extending its decline to a fifth session. Meanwhile, Japan's exports fell 0.2% on year in October (-4.5% expected) and imports shrank 13.3% (-8.8% expected).

USD/CHF closed flat at 0.9113.

GBP/USD rose 0.21% to 1.3273. U.K. official data showed that consumer prices grew 0.7% on year in October (+0.5% expected).

EUR/USD eased 0.08% to 1.1853 ending a four-day rally.

Commodity-related currencies were firm against the greenback. AUD/USD edged up to 0.7305, and USD/CAD declined 0.19% to 1.3080.


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