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The tech-led Nasdaq just broke its longest-ever ‘uptrend’ in troubling sign for market

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The Nasdaq-100 Index shed more than 2% on Tuesday, and based on one key technical indicator, it may be headed for even steeper declines.

On Monday, the tech-heavy index’s 14-day RSI reading fell below 50, breaking its longest streak above 50 on record, according to data from Sentimentrader.

RSI, or relative strength index, is a momentum indicator that measures price changes in stocks or an index in order to asses an overall trend. Readings range from 0 to 100, with a reading of 50 considered neutral. Anything above 70 signals overbought conditions, while a reading below 30 indicates something is oversold.

After more than 90 consecutive days with a reading over 50, on Monday the Nasdaq 100’s RSI fell to 39.3, according to FactSet.

“When similar streaks of bullish momentum ended, the Nasdaq-100 usually chopped sideways or fell over the next 3 months,” Sentimentrader said.

Some of the index’s largest decliners on Tuesday included Western Digital, which was down more than 6%, and Micron, which shed more than 5%. Microsoft and Apple — the two largest U.S.-listed companies — were each down more than 1%, and are currently trading in correction levels.

Tech stocks were instrumental in leading the market higher during the bull run, but have been hit especially hard as investors seek safety trades amid the coronavirus-induced selloff.

That said, when it comes to the Nasdaq 100, Sentimentrader noted that after the initial 3 month period of weakness, following a drop in the index’s RSI reading, “strong momentum usually beget more gains.”

On Monday the Nasdaq 100 shed 3.89%, for its worst daily performance since Oct. 2018. The index is, however, still positive for the month, and is on pace to post its sixth straight positive month.

– CNBC’s Nate Rattner and Yun Li contributed reporting.

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Covid-19 affects hearts of even those without any cardiac condition: Study

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Coronavirus can cause cardiac injury even in patients without underlying heart conditions, and have fatal consequences for people with cardiovascular disease, according to a review of studies.


Experts have known that viral illnesses such as Coronavirus (Covid-19) can cause respiratory infections that may lead to lung damage and even death in severe cases.


However, less is known about the effects on the cardiovascular system, the researchers said.


“It is likely that even in the absence of previous heart disease, the heart muscle can be affected by coronavirus disease,” said Mohammad Madjid, an assistant professor at The University of Texas Health Science Center at Houston (UTHealth) in the US.


“Overall, injury to heart muscle can happen in any patient with or without heart disease, but the risk is higher in those who already have heart disease,” said Madjid, lead author of the study published in the journal JAMA Cardiology.


The team explained that research from previous coronavirus and influenza epidemics suggests that viral infections can cause acute coronary syndromes, arrhythmias, and the development of, or exacerbation of, heart failure.


In a clinical bulletin issued by the American College of Cardiology, it was revealed that the case fatality rate of COVID-19 for patients with cardiovascular disease was 10.5 per cent, the researchers said.


Data also points to a greater likelihood that individuals over the age of 65 with coronary heart disease or hypertension can contract the illness, as well experience more severe symptoms that will require critical care, they said.


According to the study, critical cases are those that reported respiratory failure, septic shock, and multiple organ dysfunction or failure that resulted in death.


“It is reasonable to expect that significant cardiovascular complications linked to COVID-19 will occur in severe symptomatic patients because of the high inflammatory response associated with this illness,” said Madjid.



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F1 pitches in with ventilator production – Formula One Group (NASDAQ:FWONA)

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Britain has ordered more than 10,000 ventilators from a consortium that includes Formula One (NASDAQ:FWONA), Airbus (OTCPK:EADSY), BAE Systems (OTCPK:BAESY) and Ford (NYSE:F), as well as existing ventilator producers, Smiths Group (OTCPK:SMGZY) and Penlon.

Vacuum cleaner maker Dyson said last week it had received an order of a newly-made ventilator which will need to be approved by the health regulator.

The U.K., which says it needs 30,000 ventilators, currently has about 8,000 machines with another 8,000 on order from international manufacturers that are due in coming weeks.



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India says no plan to extend coronavirus lockdown as poor struggle By Reuters

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© Reuters. Outbreak of the coronavirus disease (COVID-19), in New Delhi

By Sanjeev Miglani and Devjyot Ghoshal

NEW DELHI/BENGALURU (Reuters) – India has no plans to extend a 21-day lockdown to slow the spread of the coronavirus, the government said on Monday, as it struggled to keep essential supplies flowing and prevent tens of thousands of out-of-work people fleeing to the countryside.

Prime Minister Narendra Modi ordered the country’s 1.3 billion people to remain indoors until April 15 saying that was the only hope to stop the epidemic. But the order has left millions of impoverished Indians jobless and hungry.

Defying the lockdown, hundreds of thousands of workers who live on daily wages left big cities like Delhi and Mumbai on foot for their homes in the countryside, many with families. They said they had no food or money.

Cabinet Secretary Rajiv Gauba told Reuters partner, ANI, that there was no plan to extend the shutdown beyond the three weeks, rejecting reports that a prolonged closure was likely.

India has 1,071 cases of the coronavirus of whom 29 have died, the health ministry said on Monday. The numbers are small compared with the United States, Italy and China, but health officials say India is weeks away from a major surge in cases that could overwhelm its weak public health system.

Neighboring Nepal, however, announced it would extend its shutdown for another week beginning on Tuesday. The landlocked country has had only five cases of the virus and no deaths, but it is concerned the virus will spread as people start traveling.

“If the lockdown is not extended then the movement of people increases raising the risk of more virus cases,” said Surya Thapa, an aide to Prime Minister K.P.Sharma Oli.

UNDERMINING THE LOCKDOWN

A major concern in India is that the hundreds of thousands of workers going homes will spread the virus deep into the hinterland, said a top health official.

“It’s an evolving situation with daily new challenges coming up like having migratory populations moving from one place to another. Like non-affected states, adjoining affected states,” said Dr S.K. Singh, director of the National Centre for Disease Control, which investigates and recommends control measures for outbreaks.

The government on Sunday ordered authorities in states to stop the migrant workers from moving and to set up shelters on highways where stranded people can get access to food and water until the lockdown is lifted.

Following is data on the spread of the coronavirus in South Asia’s eight countries, according to government figures:

– Pakistan has registered 1,526 cases, including 13 deaths.

– India has registered 1071 cases, including 29 deaths.

– Sri Lanka has registered 120 cases, including one death.

– Afghanistan has registered 128 cases, including 3 deaths.

– Bangladesh has registered 48 cases, including 5 deaths.

– Maldives has registered 28 cases and no deaths.

– Nepal has registered 5 cases and no deaths.

– Bhutan has registered 4 cases and no deaths.



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