Nasdaq turns lower, while broad market indices remain sharply higher


It has been a volatile session on Tuesday and the Nasdaq 100 index erased all the daily gains and turned lower after the US opening bell, while the SP500 and Dow Jones indices were trading more than 1% stronger.

The SP500 index managed to rise above the important 3,000 USD level again, while the Dow Jones index jumped above 25,000 USD. If indices close above these psychological levels, it could mean that the latest decline is over and we could see the continuation of the current rally.

Traders also paid attention to some US macro data. The US consumer confidence in May rose to 86.6 vs. 85.7 in the prior month, according to The Conference Board, with "expectations" rising as the current situation worsens. Present situation confidence fell to 71.1 vs. 73.0 last month. Consumer confidence expectations rose to 96.9 vs. 94.3 last month.

Moreover, the US new home sales were expected to decline 23.4% on a monthly basis, but instead new home sales rose 0.6% month-on-month (following an upwardly revised 13.7% drop in March).

The greenback remained lower against most of the major peers, with the EURUSD pair jumping toward the 1.10 barrier again, the Cable was seen 1.5% stronger near 1.2350 and commodity-linked currencies staged an impressive rally as well. 
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