⬇Weak earnings, high inflation and Fed uncertainty weigh on markets moods
Major Wall Street indices fell sharply during the final session of the week, unlike their European counterparts which ended trade in green. It seems that uncertainty related to the next moves of the Fed negatively affects the market sentiment. It is worth remembering that on Wednesday, the FOMC will provide its decision regarding interest rates. Investors expect not only a 50 basis point rate hike but also a decision to begin balance sheet reduction. Moreover, negative sentiment was lifted today by the hot inflation report and Amazon (AMZN.US), whose shares tumbled more than 13.5% after releasing weak financial results and revenue forecasts.
US100 pulled back sharply after a failed attempt of breaking above local resistance around 13435 pts which is marked with the upper limit of the local 1:1 structure. If current sentiment prevails, downward move may be extended to support zone between 12880 pts-13000 pts. Source: xStation5
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