Nasdaq down for the third day, dollar eases

There is something we are not used for – the tech-heavy Nasdaq 100 index was down for the third day on Thursday, losing circa half a percent during the London session.

Meanwhile, European stocks are still lagging behind the US companies in terms of stock price appreciation. However, Morgan Stanley calculated that 60% of the European companies had beaten EPS estimates, while 18% have missed so far. That seems to be like an outstanding earnings season, despite the harsh lockdowns in EU states. 

It is also important to note that analysts usually downgrade notably their EPS estimates for the companies to beat them, normally leading to a jump in stock prices. 

The greenback seems to be taking a break after yesterday’s rally, and the EURUSD pair was up a little, trading at around 1.2050.

Later in the day, market participants will focus on the US jobless claims, but housing starts and building permits will also be published. 

Additionally, the ECB accounts from the recent ECB meeting are due, which could cause some volatility in the EURUSD pair. 

Source: https://www.axiory.com/market-news/nasdaq-down-for-the-third-day-dollar-eases