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Dow Jones approaches 33,000 after sharply declining
For the first time in U.S. history Kevin McCarthy House speaker was dismissed from his position
The Dow Jones index declines more than 6% over the span of two weeks.
Yields on 10-year US Treasury bonds continue rising
Markets now turn to the NFP data expected on Friday
The following economic events have had an impact on the movements of the US dollar and US stock indices:
U.S. stock indices closed with a significant drop, as Wall Street saw increased losses amid uncertainty surrounding the world's largest economy. In a historic development, Kevin McCarthy, the U.S. House Speaker, was removed from his position, marking the first time in U.S. history.
Simultaneously, yields on 10-year US Treasury bonds have reached their highest level since August 2007, as expectations persist for a prolonged period of tight monetary policy.
In another unprecedented development in US history, the US House of Representatives decided to impeach Republican House Minority Leader Kevin McCarthy, leaving the position of US House Speaker vacant. However, McCarthy will continue to manage the House's affairs until a new speaker is elected.
Data from the Bureau of Labor Statistics revealed that job openings reached 9.61 million in August, compared to the previous reading of 8.92 million in July.
Market focus is now directed toward the release of US job data scheduled for next Friday, as it will provide further evidence to speculate on future actions by the Federal Reserve.
Regarding trading activity, the Dow Jones index concluded Tuesday's session with a significant decline, marking its third consecutive session of losses, dropping by over 1% and nearing the 32,975 level.
Key pivot and technical levels that may influence the movements of the Dow Jones index are as follows:
The Dow Jones index broke below the support level of 35,550 points and extended its decline, reaching a low around the 32,811 level. However, it managed to rebound slightly to the 33,075 level. It is likely that the correction will continue upward to test the resistance level of 33,500 points. Surpassing this level could lead to further correction towards the 34,000 level.
However, if the index retreats and breaks below the support level of 32,700 points, the decline is likely to extend to the 32,000 level, followed by the 31,700 level.
