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Major equity indexes in the U.S. started the day in the negative territory after the ECB slashed its 2019 growth forecast to 1.1% from 1.7% seen in December and reminded investors of the global economic slowdown and weighed on the market sentiment. As of writing, the Dow Jones Industrial Average and the S&P 500 were both down 0.55% on the day while the Nasdaq Composite was erasing 0.7%.

Among the major S&P 500 sectors, financials are down 1.2% on the day dragged by a more-than-1% fall drop seen in the 10-year US T-bond yield. On the other hand, defensive sectors, utilities and real estate, are clinging to small gains in the early trade. Confirming the risk-off mood, the CBOE Volatility Index, Wall Street’s fear gauge, is rising more than 3% on the day.