Market Update: Dow Jones Extends Losses, Markets Wrapped Up Weaker

It seems like Mr. Market was not happy after denting the investors’ sentiments on November 12, 2018 as further decline was witnessed yesterday. The Dow Jones Industrial Average wrapped up the session on November 13, 2018 at 25,286.49 which implies an intraday fall of 100.69 points or 0.40%. The markets were unable to stand still after significant losses witnessed on November 12, 2018. However, the investors turned somehow positive when Larry Kudlow stated that the trade talks between the United States and China would be conducted. As the market participants might now, the decline in the big technology stocks impacts the performance of the broader markets. The stock price of Apple Inc. (NASDAQ: AAPL) has been encountering hurdles because of the expectations of the weaker iPhone sales. Another reason which weighed on the Apple’s stock price was that Lumentum Holdings has reduced its outlook. This company is one of the key suppliers to Apple. If the trade talks between the US and China materializes, it would positively affect the sentiments of the global investors. The expectations are that the consumer and business confidence might get renewed.

Oil Prices Witnessed Decline

The oil prices continue to witness a decline primarily because of the supply concerns. The market participants have become so sensitive to the news that any news or the data which focuses on the weaker outlook would ultimately weigh over the investors’ sentiments which would, in turn, fuel the wave of selling. Considering the present scenario in the oil markets, it would not be wrong to say that the oil markets are witnessing a huge amount of panic as well as fear. The oil prices have been encountering global macroeconomic hurdles which are raising questions about the growth prospects of the oil demand. The oil cartel OPEC has cut its outlook with respect to the oil demand globally for the next year which also impacted the oil prices. Moreover, the energy minister of Saudi Arabia had stated that the OPEC has also agreed that the oil production needs to be cut in order to prevent the situation of oversupply. The participants in the oil markets have started to fear that the situation of oversupply might arise because of lower demand which is fuelling the price fall. The situation in the oil markets is even worse for players who do not track the oil markets on a daily basis as earlier the market trackers were expecting that the oil prices could reach $100 per barrel and now it has been witnessing a decline.

Australian Markets Also Wrapped Up on Weaker Note

It seems like the Australian markets have decided to walk on the footsteps of the US markets. As we have studied that the US markets have witnessed a decline and closed weaker yesterday, the Australian markets was not an exception. S&P/ASX200 ended the session on November 14, 2018 at 5732.8 which reflects that it has fallen 101.4 points or 1.8%. The wage price index of Australia for the third quarter got released which was in-line with the expectations of the markets. For more information, please click here. The stock prices of CYBG PLC (ASX: CYB) and Corporate Travel Management Limited (ASX: CTD) witnessed the rise of 3.368% and 3.014%, respectively. On the other hand, Aveo Group (ASX: AOG) ended the session by declining 9.814%.

The Federal Court has refused on the settlement which reflected that Westpac Banking Corporation (ASX: WBC) should pay $35 million as penalty charges. Despite global macro-economic headwinds, the consumer sentiments recorded an increase in November. For more information, please click here.

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