Stocks track Wall Street selloff - 5.8.2024

The Dollar strengthening has halted currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, ended 0.3% higher on Friday.

Both GBP/USD and EUR/USD reversed their climbing on Friday. Euro is higher against the Dollar currently while Pound is lower. AUD/USD joined USD/JPY’s slowed sliding on Friday with both the yen and Australian dollar higher against the Greenback currently.

US stock indexes futures are retreating currently after ending sharply lower on Friday. The three main US stock benchmarks recorded daily losses in a range from -2.4% to -1.5% with Nasdaq in correction territory after Bureau of Labor Statistics reported substantially weaker than expected nonfarm payrolls data for July and unemployment increased to 4.3% which increased the likelihood of rate cuts by the Federal Reserve.

European stock futures are down after closing solidly lower on Friday led by tech and financial services shares. Asian stock indexes futures are retreating today with Japan’s Nikkei leading losses as it slid 5.5% following disappointing Toyota corporate report.

Brent is extending losses currently. Prices ended over 3% lower on Friday on demand concerns after data released last week showed weaker manufacturing activity across Asia and top oil importer China. US West Texas Intermediate WTI slid 3.66% and is lower currently. Brent lost 3.41% to $76.81 a barrel on Friday.