Friday's Market Recap. Dow Tanks 665.75 Points, Nasdaq Down 144.92 Point, S&P Down $59.85 Po
What is The Premarket Telling Us?
7:00 AM.
Ugly, is the only way to describe US stock futures this morning. Dow futures are down 221 points, Nasdaq futures down 42 points, and S&P futures down 20 points. The US 10 year bond yield has climbed above the 2.80% level, and is the main cause for negative sentiment in the premarket. After the closing bell yesterday, Apple beat both earnings and revenue estimates, but guided estimates lower.
On The Bond Desk:
US 10 year bond yield at 2.84%, up 0.7% seven basis point.
Currency Desk:
Euro dollar at 1.24
UK Pound at 1.41
Crude Oil:
WTI crude oil futures at $64.74/barrel, down 1.53%.
On the Earnings Calendar:
Alphabet (Google), Amazon, Apple, AT&T, Visa, all reported after the closing bell yesterday.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed to lower. Japan (Nikkei 225) down 0.90%, Shanghai rose 0.44%, Hong Kong (Hang Seng) lost 0.12%.
Major European markets were down in their session. Germany (DAX) down 1.68%, France CAC 40 lost1.64%, London FTSE 100 gave up 0.63%.
Market And Sector Dynamics
Stocks opened well into negative territory, with the Dow down 169 points, Nasdaq down 41 points, and the S&P down 18 points. Shares of Amazon are up over six percent early in the session, after reporting strong 4Qtr. financial results, after yesterday's close.
Investors are digesting, the release of the US Unemployment data showing 200,000 new jobs were created in January, and the unemployment rate holding at 4.1%. The data also showed Average Hourly Earnings rose 2.90%, year over year. The US 10 year bond yield has shot up over the 2.80%, spooking a market, that is becoming increasingly, concerned about inflation.
Today's selloff broad based, and volume was heavy. Stocks basically slid lower throughout the entire trading session, closing at the low of the day.
All eleven S&P sectors closed the day with losses, led by, energy, basic materials, technology, financials, industrials, telecommunications.
Factors Influencing Today's Market
Crude oil fell moderately in today's session. WTI crude oil closed at $65.45/barrel, down 0.53%.
This week's Baker Hughes Oil Rig count, up 6 rigs to 765.
January Employment report show 200,000 new jobs were created, and the unemployment rate held at 4.1%.
The US 10 year bond yield remains at elevated levels, leading to real volatility in the markets.
Shares of Amazon were able to hold on to its gains today, after posting its best quarterly profits, after the closing bell yesterday.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the all the markets tanked. Dow sank 665.75 points, Nasdaq lost 144.92 points, and the S&P fell 59.85 points. Total NYSE volume traded, a solid 4.27 billion shares. Declining shares outpaced Advancing shares a whopping 9:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments