US Stock Market LIVE UPDATES: Stock markets in the United States are poised to open on Monday, April 7, after global markets, including the Asian and the European indices, crashed over investor fears of a potential upcoming global recession.

Global Markets Today

Stock markets in the major economies plunged on Monday, like the UK’s FTSE 100 index, which lost over 5 per cent after markets opened for Britain on April 7.

Along with the European markets, the Asian markets tanked, with the Hong Kong-based Hang Seng index taking the biggest hit, losing over 3,000 points. The index closed 13.22 per cent lower at 19,828.30 points, compared to 22,849.81 points at the previous market close.

Japan’s Nikkei 225 index also lost more than 2,600 points, closing 7.83 per cent lower at 31,136.58 points, compared to 33,780.58 points at the previous market close.

Dow Jones Trade Guide

Anshul Jain, the Head of Research at Lakshmishree Investment and Securities, expects that the Dow Jones index has entered the ‘oversold territory’; continued sell-off on Wall Street could even push the index towards the 36,000 point level.

“The Dow Jones plunged over 5% last week, breaking the neckline of a weekly double top at 41,647, triggering a swift free fall. With a 15% decline over nine weeks, the index now sits in highly oversold territory,” he said.

“A sharp dead cat bounce is likely if the index sweeps last week’s low at 38,264. However, if the selloff persists and the index sustains below 38,264, the next downside target aligns with the 50-month EMA near 36,000—a critical support zone,” said the stock market expert.

Nasdaq Trade Guide

For Nasdaq, Anshul Jain expects that the index after experiencing more than 21 per cent correction in the last six weeks, is likely to witness a temporary recovery at the current level.

“The Nasdaq has corrected over 21% in the last six weeks, including a steep 9.77% drop. The index has tested the key monthly swing low at 17,435 — a strong support zone. A dead cat bounce from this level looks likely. If the index sustains above the 17,435–17,500 range in the current week, a short-covering rally towards the 20-month EMA at 18,500 is expected. However, this bounce would be technical, not a sign of trend reversal,” said the stock market expert ahead of the US market open today.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.