May 7, 2014 - Market News Daily
Today 's Hot Assets: USD Gold
The selloff in technology and Internet stocks started again yesterday sending indices lower. Twitter , for example , lost about half its value since the beginning of the year, lock in shares expired . Facebook , Netflix and Tesla also experienced losses. At the end of the session , the S & P 500 was 0.9 % lower and the Dow Jones was 0.78 % lower. Asian stocks also declined as investors followed tech selloff in the U.S. dollar fell heavily against the yen . The dollar is now trading at about 101,6 ¥ compared with 102,2 ¥ yesterday sending the Nikkei 2.93 % lower. Hang Seng lost 1.05 % after HSBC Services PMI declined during the past month show a decline in the economy , came after the release earlier this week showed that Manufacturing PMI missed expectations . European markets were slightly lower due to the increased tension in Ukraine. Currently , DAX is 0.03 % higher, while the FTSE 100 is leading the CAC 40 lower. They are down 0.28 % and 0.07 % , respectively.
WTI crude rose after a report showed that the API reserves declined in the U.S. The tension in Ukraine led U.S. and EU will discuss increasing sanctions once again leading to speculation that energy supplies could be limited . Inventory will be free screening today at 02:30 pm . Gold reached a three week high as traders invest in safe haven assets . Janet Yellen, head of the Federal Reserve , will testify today in Washington 14:00 EST. Traders need to focus on how their comments can cause a reaction for the dollar and gold .
Today the main events :
12.30 GMT: CAD - Building Permits - measures the change in the number of new building permits issued by the government . Building permits are a key indicator of demand in the housing market .
12.30 GMT: USD - Nonfarm productivity - measures the annual change in labor efficiency in producing goods and services , excluding the farming industry .
14.00 GMT: USD - Fed President Yellen testify - Due to testify before the Joint Economic Committee of Congress in Washington
