Broad-based sell-off seen in oil & commodities weigh on energy and materials. CBOE Volatility Index rises 8% on trade war concerns. US Stocks snap four-day winning streak on Wednesday. Major equity indexes in the United States started the day under pressure as investors booked their profits after reports of Trump administration planning to impose a second set of tariffs on $200 billion worth of Chinese imports. The CBOE Volatility Index (VIX), Wall Street’s fear gauge, rose 8% suggesting a risk-off mood in the markets. As we have seen previously, trade fears weighed heavily on industrial manufacturer giants like Boeing and Caterpillar. Furthermore, the risk-sensitive S&P 500 Information Technology Sector lost 0.5%. “The tone of today didn’t start off well due to tariff fears,” Michael Antonelli, managing director, institutional sales trading, at Robert W. Baird in Milwaukee, told Reuters on Wednesday. Furthermore, a broad-based sell-off seen in commodities led by a 5% drop in oil prices dragged the energy and the materials indexes lower. The barrel of West Texas Intermediate settled $3.75 lower at $70.35 while copper futures fell to its lowest level in nearly a year. The S&P 500 Materials Sector (SPLRCM) and the S&P 500 Energy Sector (SPNY) lost 1.7% and 2.15% respectively. DJIA technical outlook In the daily chart, the decline has affected just modestly the positive tone seen on the previous updates, as the Dow closed around its 200 DMA and above the shorter ones, while technical indicators hold within positive readings, the Momentum heading higher and the RSI at around 54. Shorter term, and according to the 4 hours chart, the index is struggling around the 20 and 200 SMA, with the shortest advancing above the larger ones, while technical indicators head south, pressuring now their mid-lines, suggesting that the current slump may continue on a break below 24,621 the daily low. Supports for the index could be seen at 24,679, 24,621, and 24,560 while resistances align at 24,753, 24,809 and 24,860. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Renewed focus on trade tensions weighed on market sentiment – TDS FX Street 4 years Broad-based sell-off seen in oil & commodities weigh on energy and materials. CBOE Volatility Index rises 8% on trade war concerns. US Stocks snap four-day winning streak on Wednesday. Major equity indexes in the United States started the day under pressure as investors booked their profits after reports of Trump administration planning to impose a second set of tariffs on $200 billion worth of Chinese imports. The CBOE Volatility Index (VIX), Wall Street's fear gauge, rose 8% suggesting a risk-off mood in the markets. As we have seen previously, trade fears weighed heavily on industrial manufacturer giants like Boeing and… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.