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The US stock market has entered a correction. Main US stock indices plunged by more than 2% on Monday. The Dow fell by 1.8%, the NASDAQ lost 2.2%, and the S&P 500 dropped by 1.7%. The market recorded the largest daily decrease since February. Today, S&P 500 futures are trading higher by 0.5%. The market is expected to rebound after yesterday's sharp drop.
Asian stock market: Japan's indices plunged by 1.7% yesterday.
Energy market: the price of natural gas increased to $880 per 1,000 cubic meters in Europe. If the price remains at such a high level, the EU economy may experience severe stress, and inflation may further accelerate. Oil incurred losses amid a bearish US stock market yesterday. Today, however, it is trading higher. Thus, Brent is trading above $74 per barrel. Norway is increasing gas supplies to Europe amid a surge in gas prices.
COVID-19 worldwide: a spike in new infections is usually recorded after the weekend. At the same time, the current infection rate is lower than a week ago. Yesterday, +400K cases were recorded worldwide. A daily increase in the US was +86K.
The S&P500 index is at 4,357 and is expected to trade in the 4340–4400 range. Growing fears of China Evergrande defaulting rattled global markets on Monday. Investors are worried about its potential impact on China's real estate market. The main reason behind the bearish US stock market is considered a prolonged rise without a correction. The market was ready to plunge a while ago. It just waited for the perfect moment.
Today marks the start of the two-day FOMC meeting. The monetary policy decision will be announced on Wednesday. The looming decision of the Fed has also had its impact on the US market, as well as the greenback.
The government believes that the coronavirus pandemic has loosened its grip on the US, easing travel restrictions that ban entry for foreigners.
The US dollar index is trading at 93.15 and is expected to be in the 93.00–93.30 range. On Monday, the greenback was flat amid the bearish US stock market. At the same time, the US dollar plummeted versus the Japanese yen and the Swiss franc. Investors turned to safe-haven gold, though that was not reflected in its price. The greenback is awaiting the Fed's decision.
USD/CAD is trading at 1.2770 and is likely to be in the 1.2700–1.2820 range. The greenback plunged against the loonie.
Conclusion: the market awaits the Fed's monetary policy decision.
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