Monday's Market Recap - Stock Continued Friday's Selloff As Inflation Fears Take Hold.
What is The Premarket Telling Us?
7:00 PM.
Stock futures are all negative ahead of the opening bell. Dow futures down 88 points, Nasdaq futures down 98 points, and S&P futures down 6 points. Global markets are in sell off mode. Asian stocks were solidly lower overnight. Japanese markets were closed for holiday. The bond market is closed today for the Columbus Day Holiday.
On The Bond Desk:
The US 10 Year Bond Yield 3.22%, up 0.02%.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $73.38/barrel, down 1.29%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mixed. Japan (Nikkei 225) closed for holiday, Shanghai down 3.72%, Hong Kong (Hang Seng) down 1.39%.
Major European markets fell modestly in today's session. German (DAX) down 1.36%, France CAC 40 down 1.10%, London FTSE 100 lost 1.16%.
Market And Sector Dynamics
Stocks opened the trading day moderately lower. The Dow fell 48 points, Nasdaq fell 41 points, and the S&P down 9 points. Asian markets sold off overnight, with Shanghai and Hong Kong down well over one percent. Crude oil prices are also lower hurting energy related companies.
Stocks fell throughout the morning session, with the Dow down 225 points, the low of the day, around noon. A short while later stocks bounced off the morning low, and gradually moved higher, eventually moving back into positive territory in the middle of the afternoon session.
Six of the eleven S&P sectors close the session with gains, led by consumer staples, real estate, utilities, financials, and industrials.
Technology, healthcare, and communication services lagged in the session.
Factors Influencing Today's Market
Inflation fear is remains a problem for markets.
The close on the US 10 year bond yield today 3.23%, up 0.25%
Crude oil ended modestly higher in the session. WTI crude oil closed at $74.21/barrel, up 0.45%.
Asian and European markets were decidedly lower in their session.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were mixed to lower. The Dow gained 39.73 points, Nasdaq lost 52.50 points, and the S&P slipped 1.14 points. Total NYSE volume traded, 3.30 billion shares. Advancing shares and Declining were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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