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U.S. stocks down early
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Consumer discretionary leads S&P decliners; energy up the
most
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Euro STOXX 600 index ~flat
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Dollar, bitcoin rise slightly; crude up >1.5%; gold ~flat
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U.S. 10-Year Treasury yield edges up to ~3.65%
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U.S. STOCKS ADD TO RECENT LOSSES EARLY (1005 EST/1505 GMT)
Major U.S. stock indexes are modestly lower early on
Tuesday, extending recent market losses, with shares of
Amazon.com , Home Depot and Tesla among
the biggest drags on the S&P 500 .
Consumer discretionary is leading declines among
S&P 500 sectors, while energy is out front of the
gainers.
Shares of Home Depot are down 2%, while Amazon.com is down
3.3% and Tesla is off 0.7%.
Investors await Federal Reserve Chair Jerome Powell's
discussion this afternoon with David Rubenstein, chairman of the
Economic Club Of Washington.
At the same time, the market is digesting fourth-quarter
earnings reports that have so far mostly added to concerns that
higher interest rates are affecting demand for U.S. companies.
Here is the early market snapshot:
(Caroline Valetkevitch)
*****
NASDAQ COMPOSITE: BULLISH MOMENTUM BUILDS (0900 EST/1400
GMT)
One measure of the Nasdaq's internal strength, the
Nasdaq New High/New Low (NH/NL) index , on a monthly
basis, continues to improve. This can suggest that the
Composite's recent strength may have more legs:
The NH/NL index, on a monthly basis, plunged to 14.5% in
October, which was its weakest reading since 10.3% in March
2009.
The measure ticked up in November, and has now advanced to
29.9%, putting it on track to rise for a fourth-straight month.
Looking back to the late 1990s, this measure has tended to
form V-bottoms around the time of some of the Nasdaq's most
significant lows. For example, its March 2009 trough coincided
with the end of a Nasdaq collapse of as much as 56%.
Bulls will want to see this internal measure continue to
rise. Its 10-month moving average (MMA), now 20.7%, can act as
support on weakness.
A break below the 10-MMA may see the measure once again
threaten the 14.5%-10.3% zone, putting the Nasdaq at risk for a
much deeper decline.
(Terence Gabriel)
*****
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(Terence Gabriel is a Reuters market analyst. The views
expressed are his own)
