S&P500 daily chart.
The US unveiled a significant macroeconomic report on durable goods orders.
New orders for the US manufactured durable goods slumped by 1.1%, while economists had expected durable goods orders to rise by +1%.
New injections in the market from the US government such as payments of $ 1,400 to US citizens may change the March results.
Yet, experts spotted a significant slowdown in economic growth.
This does not mean that the US economy is not recovering. On the contrary, it is much better than in the EU. For example, the sharp growth of the previous months was triggered by a steady recovery after a considerable decline. Naturally, the economy was unable to sustain such a quick pace of recovery.
The US stock market is trading with gains. The Dow Jones added 0.7% and the S&P500 index advanced by 0.3%. However, the NASDAQ composite declined by 0.7%,
Yet, the bullish trend in the equity market is likely to be short-lived. It is recommended to open short positions when indexes approach this year’s highs.
The material has been provided by InstaForex Company – www.instaforex.com
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