Learn the trade here. Make it on tradeMONSTER

Options Trading News

December 21, 2012  Fri 6:48 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Global equities are sharply lower this morning after the House canceled last night's scheduled vote on a "Plan B" measure designed to preserve tax breaks while negotiations continue on the so-called fiscal cliff.

U.S. stock futures plunged immediate after the news from Washington but have pared their losses since then. S&P 500 futures are down 1.25 percent, or 18 points, to 1422.90 at the time of this writing. Nasdaq 100 futures are lower by 33 points, or 1.23 percent, to 2657.

European markets are down but also off their session lows. The U.K. FTSE and German DAX are both down about 0.5 percent, and France's CAC-40 is lower by 0.25 percent.

Asian exchanges were open when the House news broke and reacted instantly by reversing lower. Japan's Nikkei began its session by rising 1.3 percent but finished the day down 1 percent. Hong Kong's Hang Seng Index and the Shanghai Composite both dropped 0.7 percent.

Major U.S. stock indexes had been holding gains from recent rallies based on optimism that a resolution would be reached, but the latest move in Congress was viewed as a red flag against prospects of a timely settlement. Many economists agree that failure to avoid the cliff, which would raise taxes and cut government spending at the end of this year, would result in another recession.

Commodities are mixed but not seeing extreme reactions in either direction. Oil is down about 1 point to 89.14 as of this writing. Gold is up about 4 points to 1650, while silver is slightly higher.

In foreign-currency trading, the euro/dollar is down 0.32 percent at $1.3213. A lower euro has been generally bearish for U.S. equities.
Share this article with your friends


Related Stories

SPX

Stocks in range as earnings flow

April 17, 2014

This morning's big companies--Goldman Sachs, General Electric, Morgan Stanley, and PepsiCo--are all trading higher after beating estimates.

SPX

GE, Goldman, jobless claims on tap

April 17, 2014

Earnings and jobless claims are the main events on today's calendar. Trading will likely be light with markets closed tomorrow for Good Friday.

SPX

Futures rise, halting recent slide

April 16, 2014

S&P 500 futures are up more than 0.5 percent, while the Nasdaq is up almost 1 percent. Most European indexes are up a similar amount, while Tokyo led Asia with a 3 percent rally.

SPX

Earnings, housing data on docket

April 16, 2014

Today's calendar includes earnings from Bank of America and Google, plus housing data. Economic headlines start early with European inflation, which could affect the euro and energy.

SPX

Stocks higher as earnings flow

April 15, 2014

S&P 500 futures are up about 0.3 percent. Europe is fractionally lower but has been gaining as New York's open approaches. Asia was mixed overnight, with Japan higher and China lower.

Premium Services

Education & Strategy

When cash is king (of hedging)

Whether your trades are winning or losing, it can be tempting to add to your positions. But in either case,...

View more education articles »
optionMONSTER stockMONSTER tradeMONSTER