4 Events To Watch Today: S&P 500 In Focus
Arslan Butt • 1 min read
The US stock markets dropped in response to volatility in the oil prices which eventually triggered a dramatic selloff in energy shares. Specifically, the S&P 500 is comprised of 10 sectors, out of which one of the sectors is energy. Energy stocks tripped 1.8% following a swell in crude inventories, which triggered massive selling in the crude oil. The drop in energy prices reduces companies' profit margins.
Being an investor, I definitely will not keep my investments in the shares of a company whose profit margins are declining. That's a full story behind the bearish momentum in the S&P 500.
4 Major Events In Focus
In the New York trading session, we need to monitor the following events:
- Unemployment Claims (12:30)
- Philly Fed Manufacturing Index (12:30)
- Capacity Utilization Rate (13:15)
- Industrial Production m/m (13:15)
Three out of four represent production activity, and increased production is a sign of economic growth. Investors from all over the globe are likely to shift their investments into the US stock markets.
S&P 500 – Hourly Chart
Forex Trading Signal – Idea
The idea is to have a buy position only above $2420.25 with a minor stop loss at $2414.50 and a take profit at $2435. Keep following our updates as we are about to launch the forex trading signal on the US and Eurozone stock indexes.