The US markets started trading on Thursday, the first session of the month of September, with collective declines to complete the wave of decline that erupted in the stock market since last Friday, following the statements of the Federal Reserve Chairman in Jackson Hole.
The decline in US stocks came with a violent downward wave that hit European shares, coinciding with the ignition of the losses of the safe haven, along with the expansion of oil losses during Thursday’s trading.
Unemployment data was just released as the number of applications for unemployment benefits in the US fell for the third week in a row, in addition to the PMI data to increase gold’s suffering while the dollar is on fire.
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Wall Street now
The Dow Jones Industrial Average declined by 210 points, or 0.8%, during these moments of Thursday’s trading, down to levels near 31,300 points.
The Nasdaq stock index of technology shares has now fallen by more than 1%, or the equivalent of 115 points, down to levels of 11,700 points, while the broader Standard & Poor’s 500 Index has fallen in the range of 0.7%, or the equivalent of 25 points.
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Gold below 1700
Coinciding with the decline in stocks, gold fell below the levels of 1700 dollars, reaching its lowest level in 6 weeks, specifically since the July 20 session, when XAU/USD – spot gold contracts for the US dollar, fell within the range of 0.9% down to the levels of 1695 dollars.
In parallel, the futures contracts for the yellow metal fell by more than 1.1%, or the equivalent of 20 dollars, down to levels near 1705 dollars an ounce during these moments of trading today, Thursday.
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The dollar towards 110
While the dollar index rose during these moments to jump against a basket of major currencies towards the top of 20 years again, approaching historical levels at 109.48 points.
The US dollar index has now increased by more than 0.6%, reaching levels of 109.37 points, after falling in early trading near levels of 108.7 points during Thursday’s trading.
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The rise in the dollar index coincided with the rise in the yield on US 10-year Treasury bonds, near their highest levels in 4 years, reaching 3.24%.
While the yield on the US two-year Treasury bonds is still trading near the 15-year peak recorded in 2007, as it jumped to levels near the 3.5% in a sign of an inverted yield curve.
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Oil and the bottom of 2022
Along with the declines in stocks and gold, oil fell near its lowest levels since the beginning of this year, in light of a stormy wave of pressures, in addition to the spread of concerns about the decline in global demand, led by China, which is heading for more closures to confront the outbreak of Covid-19.
While the Iranian nuclear agreement, the increase in Russian production and the expected decision of OPEC, in addition to the decrease in US oil stocks and the attempt to put a ceiling on Russian oil prices, prices are still attracting up and down.
US NYMEX crude fell more than 2%, with oil heading near levels of $87, while the benchmark Brent crude fell within $1.9 a barrel, down to levels below $94 a barrel.
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A few moments ago, the Manufacturing Purchasing Managers’ Index (August), which came higher than expectations, rose to 51.5 points, against expectations of stability at 51.3 points.
While the data on the ongoing unemployment implications recorded stability, reaching 1.438 million, compared to expectations of the same number, while it reached 1.421 million in the week before last.
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Unemployment claims rates amounted to 232 thousand applications, against expectations of a rise to 248 thousand applications, and against actual applications in the week before last, which amounted to 237 thousand applications.
While the average jobless claims in 4 weeks amounted to 241.5 thousand applications, compared to actual data in the week before last, which amounted to 245.5 thousand applications, indicating an improvement in the labor market.
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