US markets extend their drops overnight led by energy shares and retailers after oil prices dropped and Macy's Inc cut its earnings forecast. Stocks also declined after a Fed official signaled that higher inflation may prevent more rate cuts. Markets have rallied earlier and after the Macy's news that they will cut jobs, stocks plunged downwards, which showed how volatile and nervous the markets are. Dow lost 65.03 pts or 0.53% to 12200.10, S&P500 declined 10.19 pts or 0.76% to 1326.45 and Nasdaq lost 30.82 pts or 1.33% to 2278.75.
Asian markets may open lower or flat today as there are many closed markets for the Chinese New Year holidays. Japan's Nikkei may open flat with downward bias as the futures in CME closed at 13065 compared to the close of 13200 here yesterday. Oil prices plunged to $87ish per barrel while gold rose to $900ish and JPY traded flat around 106ish.
The Kospi and Hangseng will be closed for Chinese New Year holidays today.
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