FXStreet (Mumbai) – The major US equity indices extended losses to trade deep into the red after the release of a horribly weak US regional manufacturing and a weaker-than-expected advance retail sales data.
At the time of writing, the DJIA futures were down 2.28%. The S&P 500 futures were indicating 2.3% loss at the opening bell. The Nasdaq futures traded on a similar note.
The indices were down 1.8% prior to data release. However, the risk aversion worsened after the data showed manufacturing sector dived deep into recession in January, while the consumer spending took a hit in December.
The spending should have ticked since the first rate hike was well telegraphed by the Fed and especially since it was a festive month.
(Market News Provided by FXstreet)