Day Trading 6 Apr Pre Market

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SPI futures are 18 points lower

Wall Street fell sharply on Tuesday as investors took gains off the table following a recent rally and ahead of an upcoming quarterly reporting season that is expected to reveal sharply lower earnings.
Following a 13-percent surge over the past seven weeks, the S&P 500 declined 1.01 percent, with all 10 sectors down and a sharp drop in pharmaceutical company Allergan.
It was the S&P's first decline in six sessions, leaving the index flat for 2016.
As S&P 500 companies hand in their first-quarter reports over the next several weeks, average earnings are expected to fall 7.1 percent from the year-ago period, with the energy sector weighing most heavily, according to Thomson Reuters data.
"General consensus is that we're going to see declining earnings," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois. "The big question is how big are those declines going to be?"
Reflecting concerns on Wall Street, International Monetary Fund Managing Director Christine Lagarde on Tuesday warned of increasing risks to global economic growth unless policymakers take stronger measures.
A week earlier Fed Chair Janet Yellen urged caution on rate hikes, citing a shaky global economy and low oil prices.
Oil steadied near one-month lows after Kuwait said an output freeze by top producers would proceed without Iran.
Data on Tuesday showed the U.S. trade deficit widened more than expected in February, while another report showed services sector activity rose in March.
The Dow Jones industrial average dropped 0.75 percent to end at 17,603.32 and the S&P 500 lost 20.96 points to 2,045.17.
The Nasdaq Composite fell 0.98 percent to 4,843.93. 1

Gold prices ended the U.S. day session higher Tuesday, on safe-haven demand and on bargain hunting following recent selling pressure. June Comex gold was last up $10.80 at $1,230.10 an ounce. May Comex silver was last up $0.151 at $15.095 an ounce.
There was some keener risk aversion in the marketplace Tuesday. There are fresh concerns about Greece and its ongoing sovereign debt problems. There was some downbeat economic data coming out of the European Union. And the recent downturn in crude oil prices and many other raw commodity markets—and the deflationary implications--are also unsettling to traders and investors worldwide. 2

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