Thursday's Market Recap - Stocks Fall On Higher Interest Rate Fears.
What is The Premarket Telling Us?
7:00 AM.
Judging by the US index futures, investors may be taking a pause this morning. Dow futures down 36 points, Nasdaq futures down 14.50 points, and S&P futures down 5.50 points. Markets are expected to open moderately lower, inflation fears have crept back into the market, as the 10 year bond has ticked higher in recent days.
On The Bond Desk:
The US 10 Year Bond Yield 2.87%
Currency Desk:
Euro dollar: 1.23
UK Pound: 1.42
Crude Oil:
WTI crude oil futures 68.79/barrel, up 0.47%.
On the Earnings Calendar:
Phillip Morris International reported an extremely disappointing quarterly results, due to lackluster cigarette sales..
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) up 0.15%, Shanghai up 0.84%, Hong Kong (Hang Seng) up 1.40%.
Major European markets were all higher. German (DAX) up 0.19%, France CAC 40 up .21%, London FTSE 100 up 0.16%.
Market And Sector Dynamics
Stocks got off to a modestly negative start. The Dow lost 37 points, Nasdaq fell 37 points, and the S&P lost 7 points, as the US 10 year bond yield has ticked back up to the highs of a month ago, at 2.91%.
Stocks remained in negative territory for the entire session, as inflation fears continue to scare investors, as the 10 year bond yield has jumped back into record territory, last set in early March.
Nine of the eleven S&P sectors closed the session lower, led by consumer staples, real estate, technology, basic materials, healthcare, and telecommunications services.
Factors Influencing Today's Market
This week's Initial Jobless Claims fell 1000 to 232,000 total.
Crude oil prices fell modestly in today's trading. WTI crude oil closed at $68.29/barrel, down 0.26%.
US 10 year bond yield closed the day at 2.91%.
Disappointing earnings report from Phillip Morris International.
Asian and European markets closed the session with gains.
Market Close Volume Traded And Advance Decline Ratio
All the major markets lost ground in today's session. The Dow fell 83.18 points, Nasdaq down 57.18 points, and the S&P lost 15.51 points. Total NYSE volume traded, a moderate 3.31 billion shares. Decliners outpaced Advancers better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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