The S&P 500 and Dow Jones were among the major U.S. indices to fall today, as the opening bell rang for the first time in 2021.
Both, which recorded new highs last week, fell today as U.S. traders get set for a busy week of volatility. Traders are gearing up for this Friday’s Non-Farm Payrolls, but also uncertain on the outcome of the elections in Georgia.
Despite President Trump set to leave his post in 16 days, the political tensions look set to continue in the United States.
As of writing the S&P 500 and Dow Jones were down 1.74% and 1.76% respectively.
Bitcoin suffers biggest fall since March
Bitcoin ended 2020 on a tear climbing to as high as $30,000, however today saw the cryptocurrency lose over 10% of its value.
BTCUSD dropped by 17% to an intraday low of $27,574 in today’s session, reminiscent of how it started 2018, after recording highs in December 2017.
Many believe today’s drops could be a case of profit taking from investors who may be ready to cash in, as they fear a repeat of the drops which came 2-years ago.
Some in the cryptocurrency space believe that we may still see further highs, in the near future, despite the bearish start to 2021.
BTCUSD was trading above $31,000 as of writing.
Oil prices hits 9-month high before sliding to a loss
Crude oil prices were on the up to start the week, with prices in WTI reaching an intraday high of $49.74, before sliding back to $47.63 a decrease of 1.83%
Today’s move saw prices reach their highest point since February last year, just before the first peak of the COVID-19 pandemic.
These moves came as OPEC+ struggled to agree on output levels as the cartel waits to see if the coronavirus vaccine could help recapture global demand for the energy. Afternoon trading saw the black gold fall along with equities.
Quote of the day – “In trading/investing, it’s not about how much you make but rather how much you don’t lose.”Bernard Baruch
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Senior Market Analyst