Tech Sector Push Global stocks Lower, Vital U.S Data Will Impact Nervous Markets

The NASDAQ dropped dramatically in afternoon trading as technology stocks were hit hard. The three major Indexes sustained heavy selling on Wall Street. 

Disappointing Day on Wall Street, Strong Downside Action in Tech Stocks

U.S equities began yesterday with an optimistic tone, but the waters became choppy and in the afternoon session – conditions became dangerous as sellers outnumbered buyers and created strong downside action. Technology stocks led the bloodbath and the NASDAQ declined nearly three percent. The Dow Jones and S&P also suffered steep selloffs. Consumer Confidence numbers in the U.S fell yesterday, and the previous month’s outcome was revised downwards. Today the Gross Domestic Product results will come from the States and the outcome will act like a strike of lightning in the broad markets. Asian equities have experienced selling across the board this morning as a reaction to yesterday’s disappointing day on Wall Street.

GDP Numbers Heavily Anticipated, Volatility Expected in Today & Tomorrow

Forex began to tremble on Tuesday as the Euro and Pound came off highs and lost value to the U.S Dollar. After a steady rise in value after last week’s U.S Federal Reserve monetary policy report, the U.S Dollar regained stronger footing. The growth numbers from the U.S are being heavily anticipated and will impact forex the next two days. Traders should keep in mind most European and North American markets will be closed on Friday because of the Good Friday holiday. Meaning volatility could flourish and traders should have their risk management prepared.

Inverse Action with U.S Dollar Expected for Gold, Careful Trading Needed

Gold proved dangerous yesterday as investors and speculators battled for positions. The precious metal is near 1345.00 U.S Dollars an ounce and has faced headwinds early this morning. Gold will be impacted by the U.S Dollar inversely today, and traders need to be careful with the commodity.

Investors Waiting for U.S Growth Numbers, Crude Oil Supplies from States

The GDP numbers from the U.S will be issued at 12:30 GMT and play an important part in the broad markets today and tomorrow.

• 10:00 AM GMT, U.K, CBI Realized Sales
• 12:30 PM GMT, U.S, Final Gross Domestic Product
• 14:30 PM GMT, U.S, Crude Oil Inventories

Yaron Mazor is a senior analyst at SuperTraderTV.

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