Inflation fears grip the market as stock futures trade lower
DJIA index futures are lower more than 100 points before the market open. Traders and investors decide to take a defensive stance toward the high inflation numbers. Yesterday, U.S consumer prices rose 8.3% annually lower than the previous March 8.5% but well above 8.1% of analyst’s expectations.
If there is no sign of slowing in the inflation numbers increase then traders will expect further weakness in the stock market.
Dow Jones Industrial Average (INDU)
DJIA index continue the bearish movement yesterday and printed another lower low on the chart. The trend is expected to continue bearish and traders will stick to the bearish scenario or avoid taking long positions for now. Traders and investors are turning risk-averse as the inflation number continues to increase.
Technically, 30,000 is the level to watch next as a support level.
SSR Mining Inc (SSRM)
SSRM share prices undergo a bearish correction which pushes the share prices down toward the daily SMA 100. The bearish pressure has strong momentum which might extend toward the daily SMA 200. At the current time, traders could start scaling in long positions between the daily SMA 100 & 200 while waiting for a major bullish bounce to confirm a bullish reversal.