US Markets Today: Choppy on Earnings, Surprise UK Election

18 April 2017 (9:03 AM EDT)

What started as a mixed, slightly hopeful session from Asia, turned into highly volatile and negative session in Europe after the British Prime Minister Theresa May suddenly announced early general elections, to be held in June.

Global markets dropped sharply and currency markets saw upheaval on this announcement. Futures of Dow Jones increased their losses at lower than expected earnings from Goldman Sachs. Company shares are down by nearly 2% in pre -open markets. Yahoo will report its earnings after the closing bell so the tech index Nasdaq may also remain subdued.

Going by low futures, Dow Jones may open near 20,550, which will be below its major support of 20,600. If U.S. markets continue to fall after a lower opening, the index may once again test its lower support levels of 20,500 or 20,450.

The immediate trading range in major indexes will remain within last two session’s high and low levels. Closing levels in major U.S. indexes may hint at which way these markets are going to turn. Bigger losses in U.S. markets will affect global trend tomorrow. However, if U.S. markets recover after a weak opening then global markets may also recover from current unstable trend.

Good luck, enjoy the session!

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