S&P 500 Sharply Lower:Nasdaq Lower With Dow On GDP Cut
Stock Futures--- Stock futures today in Chicago are sharply lower across the board with the S&P 500 right near session lows down 31 points currently trading in the September contract at 1319 while the NASDAQ composite futures for the September contract is down only about 60 points currently trading at 2559 on worries about economic slowdowns across Europe and China as well as the United States with the federal reserve yesterday lowering GDP forecast which is very negative many commodities and stocks around the world today. The Dow Jones industrial futures contract for the September delivery is down 220 points currently at 12.540 in sympathy with the rest of the commodities with precious metals and the energy sector making new yearly lows putting pressure on many of the oil companies in the S&P 500 which is causing lower prices across the board. The fact that the GDP is been lowered definitely is a negative to stock prices, however the one thing I've realized in the S&P 500 is that generally it does come back just probably not today but still bullish longer-term because stock market is relatively cheap compared to interest rates and other hard assets. The Federal Reserve announced yesterday that they will continue the twist program which is selling short-term treasuries and buying long-term treasuries trying to get the 30 year yield as low as possible which was disappointing the traders yesterday which were looking for more of a QE3 type of scenario causing traders to sell. If you are looking for a futures broker feel free to contact Michael Seery at 800-615-7649 and he will be more than happy to help you with your trading.
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