After a long weekend, Wall Street’s open on Monday seems to have taken away the smiles of the investors. The opening hour witnessed the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX) lose more than 2%.
The fall in Dow and SPX comes after companies brace for one of the worst quarters ever. Manufacturing industries came to a standstill as companies lost resources from every possible corner because of the COVID-19 pandemic.
Here’s a look at where the indices (DJI, SPX, NASDAQ) stand,:
Dow Jones Industrial Average (DJI)
- The Dow Jones Industrial Average (DJI) is heading towards a rapid decline. As of writing this article, the Dow stood at 23,164.31 points, which is an almost 2.34% decline from its previous close.
- Caterpillar Inc. (CAT) and American Express (AMEX) were the worst hit as they declined 8.56% and 6.16%, respectively.
S&P 500 (SPX)
- The broader S&P 500 Index was at 2,728.5, losing 2.25% from its previous close.
- Cruise maker Carnival Corp. and American Airlines were the top losers losing 9.65% and 8.71%, respectively.
NASDAQ Composite Index
- The technology-rich NASDAQ Composite Index seemed to be the least affected index on Monday. So far, it lost around 1.38% and stood at 8040.02.
- Sabre Corp. lost more than 22% and was the weakest performer in the NASDAQ Index.
Bitcoin BTCUSD gains in the opening hour of Wall Street
The Dow’s fall seems to have an equal and opposite reaction to Bitcoin. BTCUSD gained almost 2.2% in the opening hour of Wall Street, as Dow lost by the same amount in that time.
- The hourly chart indicates the formation of a large green candle, bigger than its preceding red candle, thereby forming a simple Bullish pattern.
- The MACD upward crossover is likely to happen soon, and that would suggest an upward movement of the BTCUSD.
