US Stocks open lower as Turkish lira fell again
InvestingOnline.com
17/08/2018, 15:14Wall Street opened Friday with a weak note as investors are digesting a new Turkish Lira drop and they are trading in profit-taking mode on the last day of the week.
The risk is still elevated, according to JJ Kinahan, Chief Market Strategist at TD Ameritrade, “the Cboe Volatility Index (VIX) remains elevated even after the Thursday rally (see Figure 1 below). It fell about 5% early Friday but remains above 13. There was no real flight to the bond market earlier in the week, nor was there a massive selloff in bonds yesterday. And that other historical bastion of perceived safety— gold—has stayed below $1200, near its 2018 low.”
The Dow Jones Industrial Average is almost flat on the day as it is losing 5 points or 0.02% to 25,552.00. The DJIA is 0.95% positive in the week.
The S&P 500 is down 5.70 points or 0.20% to its current level at 2,835.08. During the last five trading days, the S&P 500 is little changed. The NASDAQ Composite is down 47.00 points or 0.60% to 7,769.90. The NASDAQ is 1% down in the week.
Dow Jones DJIA daily chart August 17
The majority of sectors are currently lower on Friday. The consumer staples sector is the leader with a 0.28% increase, followed by utilities with 0.14% advance and materials which is 0.2% up.
To the downside, information technology is the loser of the day with a 0.44% decline, especially NVDA and TSLA, both down by 4%. Real estate is falling 0.35%, and consumer discretionary is 0.22% negative on the day.
On the week, consumer staples is 1.67% up in the last five days; real estate is 1.61% positive, and utilities is 1.36% up.
Energy is the loser of the week with a 2.13% decline; followed by information technology with a 1.47% drop and materials which is 1.32% negative in the last five days.
