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Stocks under pressure amid profit-taking

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    Economic data and ECB boost stock market rally

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    Stock markets struggle for direction ahead of major events

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    Risk sentiment improves somewhat after a streak of losses

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    Dollar buoyed by risk aversion

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    Economic data and ECB boost stock market rally

    Stock markets struggle for direction ahead of major events

    Stock markets struggle for direction ahead of major events

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    Risk sentiment improves somewhat after a streak of losses

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    Dollar buoyed by risk aversion

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    Equity markets indecisive ahead of the weekend

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Home » Stocks under pressure amid profit-taking

Stocks under pressure amid profit-taking

by Stephen Soo
February 17, 2021 05:50
in Fundamental analysis
0
Stocks under pressure amid profit-taking

Investors continue to assess the prospects for more stimulus from Washington

Wall Street stocks finished mixed on Tuesday while registering fresh all-time highs amid the persisting optimism over the economic recovery. Also, investors continued to assess the prospects for more stimulus from Washington. The Dow Jones Industrial Average edged up 0.2%, the broad-based S&P 500 declined 0.1% while the tech-rich Nasdaq Composite Index slid 0.3%. Among individual stocks, Palantir Technologies plunged by nearly 13% after the software company reported a fourth-quarter loss of $148.3 million while Apple stocks finished 1.61% lower overnight following reports that Nissan said it was not working with the tech giant on autonomous driving technology.

Asian stocks were mostly lower on Wednesday as profit-taking continued during the session. Japan’s benchmark Nikkei 225 dipped 0.58%, even as the vaccination began in the country. South Korea’s Kospi dropped nearly 1% and Australia’s S&P/ASX 200 slipped 0.46%. Hong Kong’s Hang Seng gained 1.10% as the index returned after long holidays. Chinese markets remain closed for a holiday.

In Europe, equities opened in red as market players turn more cautious ahead of the key events of the day. Later today, the Federal Reserve will release the minutes from January’s Federal Open Market Committee meeting alongside U.S. retail sales figures. Investors are also watching dynamics in the 10-year Treasury yield that jumped yesterday to a level not seen since February 2020. The pan-European Stoxx 600 slipped 0.4% in early trade.

Meanwhile, the dollar staged a reversal, to see a bounce amid some deterioration in risk trends across the markets. As such, the safe-haven US demand sent the EURUSD pair down from February highs around 1.2170, to 1.2065 on Wednesday. During the correction, the common currency dipped under the 20-DMA that has turned into resistance again. However, the downside potential looks limited at this stage, so the euro will likely manage to hold above the 1.2000 figure in the coming days. If so, the pair could finally regain the bullish bias, to reclaim the mentioned moving average as support.

Tags: DOW JONESEURUSDFederal ReserveHang SengNasdaqNikkeiS&P 500Stoxx 600
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Stephen Soo

Stephen Soo

Stephen's specialty is fundamental analysis. He graduated from the Booth School of Business, the University of Chicago. Stephen currently cooperates with several news agencies, and on FWNews he publishes macroeconomic news and reviews on brokerage companies.

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