Hello traders everywhere. The NASDAQ continues to be pummeled, falling over 1% after posting a positive week last week. The reason for the drop? Big tech, Apple is grabbing the headlines with its shares falling over 3% to 8.17, bringing their monthly losses to 8.1% and five straight weeks of declines. That’s the first time Apple’s traded below 0 since July of 2018.
Other tech stocks retreated as well, including Amazon.com Inc. down 3.8%, Alphabet Inc. losing 3.2% and Nvidia Corp. falling 3.9%. Not shockingly, all of the FAANG are lower to start the week.
Crude oil is mounting a bit of a comeback on a daily level after suffering five straight days of steep declines gaining over 1% on the day. This move comes after the United States formally imposed punitive sanctions on Iran, but granted eight countries temporary waivers allowing them to keep buying oil from Iran.
The United States has granted exemptions to China, India, Greece, Italy, Taiwan, Japan, Turkey, and South Korea, allowing them to continue buying Iranian oil temporarily, Secretary of State Mike Pompeo said on Monday. Some of these are OPEC member Iran’s top customers.
U.S. officials have said the sanctions aim to stop all Iran’s oil exports eventually.
Key Events On Tap This Week:
Reserve Bank of Australia November policy decision Tuesday.
Monetary policy decisions are due in Japan and the U.K.
Federal Reserve policy makers are expected to leave the main interest rate unchanged Thursday at their penultimate gathering of 2018.
Trump plans to meet Russian President Vladimir Putin on the sidelines of Armistice Day celebrations Nov. 11.
Mid-term election will conclude on Tuesday.
Key Levels To Watch Next Week:
S&P 500 (CME:SP500): 2,816.94
Dow (INDEX:DJI): 24,122.23/25,817.68
NASDAQ (NASDAQ:COMP): 7,670.49
Gold (NYMEX:GC.Z18.E): 1,228.40
Crude Oil (NYMEX:CL.Z18.E): 64.14
U.S. Dollar (NYBOT:DX.Z18.E): 94.47
Bitcoin (CME:BRTI): 6,486.29
Tech Stocks Continues To Pull NASDAQ Lower