US stock indexes declined across the board as the the SP500 dropped the most since November closing down 1.01%, the Nasdaq closed 1.46% lower and the DJ30 escaped with a 0.11% decline on the day. European stocks were also under pressure with FTSE losing 1.3% of its value whilst the German DAX and French CAC declined by almost 1% at the close. Goldman Sachs reported a third consecutive quarterly decline in earnings leading to investors pushing the share down as much as 5% and shaving $8 (800pips) off the share price to close at $166.49. The Nikkei 225 opened 100 points down, roughly 1% down in early Asian trading and the Hang Seng declined some 200 points, almost 1% in early trading. Commodities weakened across the board this trading day.
Gold weakened from yesterdays high above $1379 an ounce to trade as low as $1366 shedding 1%. Recent support level has been $1350 and the resistance at $1430
Crude Oil dropped back from the $92.50 a barrel resistance level to trade as low as $91.35 and is now trading at $91.70. $92.50 is the 2 year high on Crude Oil and $90 is seen as a key resistance level with $80 acting a a strong recent support below that.
Wheat was stable hovering just below $800 a bushel in a quiet day of trading.
Corn pulled back after dramatic price gains in recent days, weakening from $665 a bushel to $640 a 3.5% decline from peak to trough.