Friday's Market Recap - Stocks Tank On Rising Yields And Inflation Fears.
What is The Premarket Telling Us?
7:00 PM.
US stock futures are basically flat in the early going. Dow futures rose 7 points, Nasdaq futures down 12 points, and S&P futures down a fraction 0.75 point.
On The Bond Desk:
The US 10 Year Bond Yield 3.20%, up 0.04%or four basis points.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $74.63/barrel, up 0.40%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mixed. Japan (Nikkei 225) gained down 0.80%, Shanghai down rose 1.06%, Hong Kong (Hang Seng) was closed.
Major European markets fell modestly in today's session. German (DAX) down 1.08%, France CAC 40 off 0.95%, London FTSE 100 down 1.35 lost %.
Market And Sector Dynamics
Markets opened the trading day basically unchanged, with the Dow gaining 5 points, Nasdaq down 5 points, and the S&P up 0.93 point. September's Jobs Report, released this morning show the economy created 134,000 new jobs, with the unemployment rated falling to 3.7%. Average hourly wages rose 2.8%, year over year. Average hourly wages for the month of August was 2.9%.
Both July and August payroll numbers were also revised upward.
While the 134, 000 new jobs was less than the 180,000 that was expected, investor cued in on the drop in the unemployment rate, the weekly hourly wages, and the sizable revisions for July and August, believing this could give the Fed additional incentive to speed up the pace of interest rate hikes.
Stocks turned lower from the opening bell, reaching the low of the day, in the early afternoon, with the Dow down 325 points. Stocks recovered some of the losses, late in the afternoon session.
Ten of the eleven S&P sectors close the session with losses, led by technology, communication services, basic materials, consumer discretionary, industrials, and financials. Utilities traded higher today.
Factors Influencing Today's Market
Crude oil was slightly higher in today's trading. WTI crude oil closed at $74.34/barrel, up 0.01%.
This week's Baker Hughes Oil Rig count fell 2 rigs to 860 total.
The range on US 10 year bond yield today 3.18% - 3.24%. Surging rates is stoking inflation fears.
September Unemployment Situation show the economy created 134,000 new jobs and the unemployment rate fell to 3.7%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow markets were lower. The Dow fell 180.43 points, Nasdaq lost 91.06 points, and the S&P fell 16.04 points. Total NYSE volume traded, a moderate 3.31 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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