Wall Street turns negative, Dow Jones near last week lows

After moving sideways, equity prices in the US turned to the downside. The Dow Jones dropped almost two hundred points from daily highs and near the end of the session, it was falling 102 points or 0.55% at 18,158 while the S&P 500 was down 0.55%. The Dow Jones index remains within las week range, but now it moved closer to the lower limit. 

The decline accelerated after Bloomberg reported that the European Central Bank was near consensus on ending its bond-buying program before it concludes in March 2017. 

Media reports later said the ECB would not comment on speculations. The euro gained momentum in the market with the report. EUR/SUD jumped above 1.1200, erasing losses while EUR/GBP hit fresh-multi year highs at 0.8800. The pound remains trading near 31-year lows against the US dollar unable to recover ground. The worst performers so far in the market were the yen and the New Zealand dollar. Gold extended the decline after the ECB report and bottomed at $1266, the lowest level since June 24 and more than $40 below yesterday’s closing price. 

On Wednesday, investors will get the first set of employment data from the US, while the key report will be released on Friday with the NFP. Also, investors await the start next week of the corporate earnings season. Regarding politics, tonight in the US will take place the vice-presidential debate.