WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
E-Mini Dow
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U.S. stocks fell sharply on Thursday after Federal Reserve Chair Jerome Powell failed to reassure investors that the central bank would keep surging bond yields and inflation expectations in check.
The S&P 500 closed the wild session down 1.3% to 3,768.47 after dropping 2.5% at its session low.
The 10-year Treasury yield, which has been keeping investors on edge in recent weeks, jumped to 1.54% after Powell’s remarks. Last week, the benchmark 10-year soared to a high of 1.6% in a sudden move that sparked a big sell-off in stocks. Yields then generally eased back down this week before Powell triggered another spike.
Gold shed more than 1%, hitting a near nine-month low amid Powell’s comments. A rise in bond yields could erode gold’s appeal as an inflation hedge.
On the data front, investors digested a better-than-expected reading on weekly jobless claims. First-time filings for unemployment insurance in the week ended Feb. 27 totaled 745,000, a touch below the Dow Jones estimate of 750,000, the Labor Department reported Thursday.
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Plan A : Long if market supported firm above 3760. Targets are 3778, 3791 and 3808.
Plan B : Short if market failed to support above 3760. Targets are 3737, 3708 and 3682.
Stock futures were little changed in early morning trading Friday following a tech-led rout on Wall Street amid a surge in bond yields.
The Nasdaq Composite fell 2.1% to 12,723.47 as growth stocks led the declines amid rising rates. Tesla shares dropped nearly 5%.
All eyes will be on February jobs report, which is set to be released Friday morning. Economists expect to see that 210,000 payrolls were added in February, compared to just 49,000 in January, according to Dow Jones.
The move in futures followed a sharp sell-off triggered by Federal Reserve Chair Jerome Powell’s remarks on rising bond yields. He said the recent run-up caught his attention but he didn’t give any indication of how the central bank would rein it in. Some investors had expected the Fed chair to signal his willingness to adjust the Fed’s asset purchase program.
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Plan A : Long if market supported firm above 12469. Targets are 12498, 12532 and 12561.
Plan B : Short if market failed to support above 12469. Targets are 12430, 12391 and 12345.
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Plan A : Remain sell as long as market stays trading below 29200. Targets are 28639 and 28367.
Plan B : Consider buying only if market supported firmly above 28367 and rebound. Targets are 28639 and 28912.
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Plan A : Remain buy as long as oil price trades firmly above 62.4. Targets are 64.2 and 65.4
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