US markets closed lower across the board in an uneventful day of trade with the S&P 500 trading within a 20-point range before a sharp decline before close. US treasuries continued to rise as economic data and weak corporate results disappoint, while the ongoing debt ceiling negotiations dampen market sentiment. Greenback strengthens while gold slides back below the $2,000 mark. More Fed speak overnight, recent comments from Fed officials beginning to indicate they aren’t ready to cut rates any time soon. European markets follow the US, all down.

Dow Jones up down 336 points (-1.01%). Dow at worst down 342. S&P 500 down 0.64%. NASDAQ down 0.18%. VIX Volatility Index up 5.08%. In European markets Stoxx 600 -0.42%, FTSE -0.3%, CAC -0.2%, and DAX -0.1%. SPI Futures are down 37 points (-0.51%).

• Gold dropped 1.58% and reached a two-week low as U.S. economic data and hawkish statements from Federal Reserve officials raised doubts about potential interest rate cuts.
• Nickel had a brief rise driven by supply concerns and power problems in Europe and China before falling 2.61% on global economic worries.
• Copper -1.99%, Aluminium +0.04%, Zinc -1.87%, Lead -1.49%, Tin -1.98%
• WTI crude fluctuated before dropping 0.31% and Brent fell 1.1% over reduced demand concerns from China, the world's largest crude importer, due to a slowdown in economic recovery indicated by recent data on China's industrial production. 
• FANMAG stocks mostly up: Facebook -0.02%, Apple flat, Netflix -0.64, Microsoft +0.74%, Amazon +1.98%, and Google +2.57%.

ON THE CALENDAR

• Domestic data: n/a
• Japan data: GDP Growth Rate.
• China data: House Price Index.
• UK data: BoE Gov Bailey Speech.
• EU data: New Car Registration Rates, Inflation Rate.
• US data: Building Permits, Housing Starts, Industrial Production, Business Inventories.

Catch up on all the latest with Henry Jennings on today’s Pre-Market Podcast.

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