Investors’ Nightmare as Dow and S&P500 lose 2018 Gains, Asia Markets to Follow the Trend

Wall Street had been plunging two straight days, and it was not just a small margin that the markets lost, all the gains in 2018 of Dow Jones and S&P 500 had been erased on Tuesday, November 21, 2018. Dow dropped 551.80 points or 2.21% to 24,465.64, erased its 2018 gain, while the S&P 500 plunged 1.8% to close at 2,641.89. Nasdaq Composite also dropped 1.7% to 6,908.82. The decline on Tuesday comes after the Dow dropped 395 points on Monday, and the tech group that pulled NASDAQ down.

As the negative sentiment travel across the Pacific ocean, it hits Asia markets on their Wednesday’s morning trading session. At 9:00 in Thailand, NIKKEI fell 0.73%, SSEC skidded 0.38%, HSI lost 0.83%, ASX 200 plunged 0.80% and KOSPI slumped 0.94%

 

U.S. West Texas Intermediate (WTI) settled Tuesday’s session lower by $3.77, or 6.6%, at $53.43. The contract fell as low as $52.77 on Tuesday, its weakest price level since October 2017.

Brent crude lowered $4.43, or 6.6%, to $62.36 a barrel by 2:15 p.m. ET Tuesday, after earlier dropping to $61.71, a low going back to December 2017.

 

After the reported of lower Thailand’s lower GDP than projection in 3Q18, SET has a high tendency to follow the Wall Street’s trend with the last support level at 1,600 points. On Tuesday, November 20, 2018, SET closed at 1,612.03 points, sank 24.45 points or 1.49% with ฿36.3 billion in total value. The main reasons were from the bad sentiment from the global market, especially the plummet of NASDAQ’s FAANG group and the recently announced of lower GDP in 3Q18.