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03 Feb 2022
1 min read

Nasdaq Futures Drop 2% As The USD Soars

Global stocks witnessed a slip following unsatisfactory earnings news from Big Tech. While traders are in waiting mode, all eyes are on central banks’ next move regarding monetary policies.

Tech Stocks and Poor Jobs Report

Facebook’s parent company Meta and streaming app Spotify was in the spotlight of the tech stocks plunge that brought the Nasdaq down by around 2% as U.S. equity futures slide.

In fact, should the big slide for Meta Platforms continue over Thursday, a $200 billion market value of the company could be erased.

However, despite the tech stocks concerns, U.S. shares finished the day on a high note with the best performing four-day advance in two years.

In addition to all that ruffle, Friday’s jobs report showed employment at U.S. firms contracted in January by the highest percentage since the start of the pandemic. This is attributed to the severe blog the fast-spreading Omicron variant dealt to the labor market and restaurant businesses.

Eurozone Inflation Fears

Meanwhile, European futures and the Asia-Pacific index retreated slightly. The strong shadow of inflation is weighing on the euro and increasing pressure on the European Central Bank to take more tangible actions. Accordingly, investors and traders are eyeing the ECB and Bank of England policy announcement on Thursday.

Moreover, the tense political situation in Eastern Europe is also raising concerns globally. The U.S. approved the dispatch of troops to Europe in an effort to send a strong military message to Russia over the Ukraine border crisis. In parallel, diplomatic efforts and talks about economic sanctions are ongoing between western officials and the Kremlin.

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*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

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