U.S Indices fell hard yesterday as technology weakness continued to weigh on markets on a what turned out to be a wild trading session. Sellers took markets down near their 50-day Moving Average, and a close below could spark more selling. Given tech’s large weighting in the markets, any sell-offs here will drag broader markets down. After their recent surge higher, there are concerns that valuations may be too stretched. And vaccine optimism could weigh on the sector, as an effective vaccine could ease demand for remote-connectivity products. On the stimulus front, White House Chief of Staff Mark Meadows said he believes that a deal could be reached before the election. But there are concerns that a deal will not get done. European Indices closed lower as the rift between the EU and the UK accelerates over the Withdrawal Agreement. The European Union and U.K. were at odds over continuing trade talks after the British government revealed it was considering legislation to override parts of the Brexit agreement. German Export and Import data for July were weaker than expected and fell versus June, indicating the regional economic rebound may be slowing. Saudi Arabia cut prices for October oil shipments to Asia and the U.S., its first such move in five months, and a sign demand may be easing. Bank of England Chief Economist Andy Haldane warned against extending protections for furloughed workers, saying it would hurt the economy’s “much-needed restructuring.” Oil fell a hefty 7% on demand worries while Gold closed flat after a volatile session. Shortly after 10.00 pm last night it was announced that final clinical trials for a Coronavirus, developed by AstraZenca and Oxford University were put on hold after a patient fell ill. Equity Futures Markets got hit hard on the re-open before reversing after a spokesman said it was ‘’a routine pause in the case of an unexplained illness’’.
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