The trading in the US equity index were a little changed when the trading started on Sunday morning, making it unclear that whether The Wall Street’s steep sell-off last week would extend further and slide even low or would it rebound from the sell-off.
By 6:11pm the e-mini futures ESv1 of S & P 500 were lower by 0.09 percent, this Sunday whereas the e-mini futures NQc1 of Nasdaq 100 Index elevated by 0.05 percent. On Friday, the S & P had ended with its record time lowest since the beginning of May, because of the further selling off of the technology and internet shares concluding another week of volatility for the US stocks.
During the session, the benchmark S & P 500 dipped by more than 10 percent from the records of the 20th September, exhibiting a close which was high but incurred loses in order to posses an ending above that level.
After two big companies, Amazon.com Inc also known as AMZN.O and Google’s parent company Alphabet Inc, the stocks of which have been the powerful and strong base of the equity market for more than a decade showed grim results last Thursday, sparking the day’s sell off and overshadowing the data ,showed that the US economy continues to grow at a healthy rate.
After confirming a correction last week, The Nasdaq accounted a huge weekly drop which was its biggest since 23rd of March of the year.
The cloud service provider, Amazon.co witnessed a dip of some 7.8 percent which was the first since October, 2014 after it announced its earnings for the third quarter of the current year which showed that the sales in the most profitable upcoming season would be much less than what was estimated earlier.
Source: Reuters, Todayonline