US Stock Markets Today: Negative Start, Rangebound Trend

8 July 2019 (9:12 am EDT)

US stock futures have fallen with global stock markets on Deutsche Bank’s massive job cuts and exit from global equities business.

Today, this biggest German lender’s shares jumped 4% initially and since then, have declined more than 5%. That is a 9% drop from today’s high levels in Deutsche Bank shares.

US stock futures and European stock markets have turned negative on these developmentss. Dow Jones futures have fallen by 100 points, indicating a gap down opening in this leading index and broader markets. The tech secotr has also come under pressure after Apple received a downgrade, causing Nasdaq futures to slump. Last Friday’s higher than expected Nonfarm Payroll numbers have also dampened rate cut hopes from the Federal Reserve.

All these factors are expected to keep US stock markets under stress in this opening session of a new week. However, the overall trend will remain rangebound and major indexes are expected to trade within the last session’s trading range.

Intraday trading range levels (pivot levels) are provided on our Pivot Trading page. For major indexes, these levels are:

Expect a choppy and broadly range-bound intraday trend in US stock markets after a negative opening in this session. Market volatility could remain high as negative factors increase and positive factors retreat from US stock markets.

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