S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) futures are pointing to a higher open today after yesterday the market closed down 3.44% to 4,782.90.
It continues to be difficult to predict the market on a daily basis but general market expectations are for some sort of bounce today.
The S&P 500 Index (INDEXSP:.INX) closed at 2,409.39, +11.29 or up 0.47% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) closed at 7,150.58, +160.73 or down 2.30%.
Small cap destruction continues
In the small cap space, certain stocks continue to be hammered as institutional money taps out.
Lovisa Holdings Ltd (ASX:LOV) was down 43.8% yesterday to $2.45, it was trading over $11 one month ago.
Travel names continue to be hit hard on a daily basis with yesterday’s performance as follows:
- Flight Centre Travel Group Ltd (ASX:FLT) -33.0%;
- Corporate Travel Management Ltd (ASX:CTD) -28.1%;
- Webjet Limited (ASX:WEB) was in trading halt; and
- Helloworld Travel Ltd (ASX:HLO) -33.4%.
[REPORT] Morning Report: US sharemarkets lifted on Thursday in yet another volatile session. Investors were encouraged by moves by the US Federal Reserve and European Central Bank to boost liquidity in the financial system https://t.co/00R07l9DiF #ausbiz pic.twitter.com/bKU9YQB2W5— CommSec (@CommSec) March 19, 2020
Gold stable, oil volatile
Gold remains flat around US$1,471 per ounce while Crude Oil WTI was relatively flat overnight finishing around US$26 per barrel but endured some wild swings.
Oil fell as low as US$20.50 per barrel and reached over US$28 per barrel in the past 24 hours.
The AUD has endured similar volatility going as low as 55.1 cents vs the US dollar before stabilising at 57.3 US cents.
.@jpmorgan Chief U.S. Economist Michael Feroli says we're headed for a pretty steep recession, including a 14% decline in GDP for Q2..."that could be optimistic or pessimistic" @KellyCNBC @CNBCTheExchange @CNBC pic.twitter.com/oaII7ibpJ2— The Exchange (@CNBCTheExchange) March 19, 2020