According to CNBC data, Nasdaq Futures has gone down by 116.60 points giving it a downturn of 1.84 percent fall at 6,216.75. The index was reported to face a loss of 4.72 percent last year. For the Dow Jones Industrial Average, Nasdaq Futures is playing at 299 points lower, which makes it 1.29 percent at 22,969. On the other hand, the S&P 500 Index has gone down by 1.24 percent to 2,474.
On 31st Dec, the US market ended the year on an optimistic point, regardless of its bad performance in the last ten years. Dow saw an upsurge of 1.23 percent with 265.06 points to 23,327.46. Nasdaq Composite Index was reported to close down at 0.7 percent profits at 50.76 points, which gave it a recent high at 6,635.28. If we look at Dow on the yearly view, it has closed at a loss of 5.6 percent. Whereas, both S&P 500 and Nasdaq have faced a dip of 6.2 percent and 3.9 percent respectively in their respective markets.
The trade war between the U.S. and China resulted in the weak performance of Chinese manufacturing data. As per the reports from CCN, the China manufacturing Index recently published the lowest figures since Feb 2016. A fall was reported by the Caixin/Markit Manufacturing Purchasing Managers’ Index. The Index mainly concentrates on the export-based small-scale businesses within China. There is a downfall of Chinese goods, even though the manufacturers are offering a discount.
On the other hand, new export orders are given 9 months contracts. As per the reports from Reuters, the director of macroeconomic analysis at CEBM Group, Zhengsheng Zhong said-
“It is looking increasingly likely that the Chinese economy may come under greater downward pressure.”
By introducing new loan schemes and subsidized operational costs, the government of China is thinking to lay new rules to safeguard small Chinese companies from deterioration.
On the other side of the world, the government of the United States’ fragmentary shutdown is in its second week. By far there is no ray of hope for the Congress to approve the funds for the Mexico border wall. Also, there will be no pay raises this year, told the government to its employees. This has made the government employees sue the administration of U.S. president, Donald Trump. On this matter, the president tweeted the following yesterday-
“Border Security and the Wall “thing” and Shutdown is not where Nancy Pelosi wanted to start her tenure as Speaker! Let’s make a deal?”
On the other hand, the world’s largest cryptocurrency- Bitcoin (BTC) has shown a rise of 2.5 percent. The rise is almost immune to the economic trends, and bear market. According to CCN reports, it is seen to be performing better than the U.S. futures. BTC raised 2 percent over the Dollar today.
As per CoinMarketCap.com, it is trading at 3,864 dollars. Ethereum (ETH) has also shown a rise of 11 percent, trading at 152 dollars.