The Nasdaq index sheds 34.27 points (-0.18%) as market bears take the reigns

Published: January 26 2023, 02:11 GMT+0

The Nasdaq index sheds 34.27 points (-0.18%) as market bears take the reigns

A quick look at yesterday: the Nasdaq retained its composure around the 11,300 level after dropping 0.18%.

Following a previous reading of 8.41 million, Crude Oil Inventories in United States released yesterday at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

While price action maintains a negative bias, United States 5-Year Note Auction released yesterday at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. Fresh Cushing Crude Oil Inventories data from United States came out at 4.27 million.

In the meantime, negative performances are also seen in other markets, ASX 200 lost 0.3% yesterday and closed at 7,490.4.

Positive performances can be seen by looking at other markets as Hang Seng is trading around 22,400 after ending yesterday's session at 22,045 (up 1.56% today). KOSPI Composite Index added 0.37% and closed around 2,428.57 yesterday.

Looking ahead, ongoing depreciation may be prolonged as United States Core Durable Goods Orders projected to come out at -0.2% — worse than previous data of 0.1%; data will be released today at 13:30 UTC.

Some optimism can drawn from the fact that United States Pending Home Sales is projected to outperform its last figure with -0.9%, having previously been at -4%. The figure will be published tomorrow at 15:00 UTC.

Furthermore, United States Core PCE Price Index (MoM) (Dec) scheduled to come out tomorrow at 13:30 UTC.

The Nasdaq hit a significant low of 10,200 around 29 days ago, but has since recovered 11%.