• S&P 500 Price Forecast – stock markets recovered slightly on Thursday
The S&P 500 gapped higher at the open on Thursday, while some people look to value hunt. However, there’s no denying that the brutality of the selloff is only accelerating, so I think what we are looking at is an opportunity to sell from higher levels more than anything else. The 2700 level should be the first area of resistance, but even breaking above there doesn’t guarantee much until we get above 2800. There has been an enormous amount of technical damage done to the S&P 500, and it’s hard to believe that traders will forget that.
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• European stocks opened lower Friday morning, tracking overnight losses in Asia as anxiety over the outlook for U.S. corporate profits renewed concerns about global economic growth.
The pan-European Stoxx 600 was down around 0.6 percent shortly after the opening bell, with most sectors and major bourses in positive territory.
Financial markets have been hit hard by a range of worries, including the U.S.-China trade war, a rout in emerging market currencies, rising borrowing costs and bond yields and economic concerns in Italy.
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• Asian shares skidded to 20-month lows, S&P futures fell sharply and China’s yuan weakened at the end of a turbulent week for financial markets on Friday, as anxiety over corporate profits added to lingering fears about global trade and economic growth.
In Friday’s Asian session, S&P E-mini futures slumped 0.88 percent, setting up a potentially rough session for U.S. markets which had crumbled on Wednesday on concerns about earnings and sent global equities into a tailspin.
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.04 percent, erasing tiny gains made in the opening hour and hitting its lowest level since February 2017. Not helping was a slide in the Chinese yuan past a key level, refocusing market attention on slowing growth in the world’s second-biggest economy
• Japan’s Nikkei edged lower on Friday morning despite a rebound on Wall Street, as worries about earnings of domestic firms kept investors risk averse after Canon disappointed the market by lowering its annual profit forecast.
At the midday break, the benchmark index fell 0.2 percent to 21,221.50. For the week, it has dropped 5.7 percent, on track to post the biggest weekly drop since early February.
• China stocks slipped on Friday but posted a weekly gain, thanks to Beijing’s recent supportive policies and measures that aim to bolster the stock market and the real economy.
The blue-chip CSI300 index fell 0.7 percent to 3,173.64 points, while the Shanghai Composite Index ended down 0.2 percent at 2,598.85 points.
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