Shares are declining to end a volatile week with further losses, as concerns over the health of banks intensified due to a decline in Deutsche Bank's stock. At the open, the Dow Jones Industrial Average dropped 0.5%, with the S&P 500 and the Nasdaq Composite falling 0.6%. Despite Friday's losses, the indexes were expected to finish the week with gains. However, investors remained wary due to the surge in the cost of insuring Deutsche Bank against default, reigniting concerns about the soundness of the European financial system. The Federal Reserve's decision to raise rates by a quarter-point on Wednesday also fueled anxiety, with banks recording unrealized losses on asset portfolios. Investors remain focused on the state of inflation, the health of the US economy, and the future of interest rates.
Senior Market Specialist
Russell Shor joined FXCM in October 2017 as a Senior Market Specialist. He is a certified FMVA® and has an Honours Degree in Economics from the University of South Africa. Russell is a full member of the Society of Technical Analysts in the United Kingdom. With over 20 years of financial markets experience, his analysis is of a high standard and quality.