NASDAQ leads the market lower $NASDAQ
- Published: 11 September 2012
- Markets were lacklustre overnight with the tech heavy NASDAQ leading the falls by dropping more than 1%. Investors took on a more conservative tone with the market looking to tomorrow nights decision from the German Constitutional Court as to whether the German state will contribute to the Euro Zone Rescue Fund. The market is also looking to the FOMC Interest Rate announcement and any indication of further QE initiatives
- With the pending announcements from the Germany Court and the Federal Reserve the market took on a more conservative tone as indicated by the CBOE VIX Index which rallied over 13% to settle above 16.00
- Most S&P500 sectors closed the session lower led by tech stocks. The safety of telco's saw the sector squeeze out a small gain overnight
- AIG which was at the heart of the problems caused by the GFC fell 2.03% after the US Government announced it would sell most of its remain stake
- Intel fell 3.84% to lead the Dow lower after lowering its Q3 revenue forecast
- DOW -0.39%, S&P500 -0.61% and NASDAQ -1.03%
- Risk appetite was subdued with the USD creeping higher. AUD below 1.0350
- Gold fell slightly on reported profit taking and Crude rose on QE expectations
