Thursday's Market Recap - Dow Dive More Than 500 Points After Yesterday's 800 Points Drop.
What is The Premarket Telling Us?
7:00 PM.
US stock index futures are all very negative ahead of the start of trading, suggesting that the selloff may not be over. Rising interest rates and fear of inflation are giving investors pause. Asian markets closed decidedly lower overnight.
September Consumer Price Index (CPI) rose 0.1% vs 0.2% estimated, and 2.3% vs 2.4% year over year.
On The Bond Desk:
The US 10 Year Bond Yield 3.17%
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $71.30/barrel, mildly lower.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were down. Japan (Nikkei 225) down 3.89%, Shanghai down up 0.2%, Hong Kong (Hang Seng) up 0.1%.
Major European markets fell in today's session. German (DAX) down 1.48%, France CAC 40 down 1.92%, London FTSE 100 fell 1.94%.
Market And Sector Dynamics
A sea of red dominated the start of trading. The Dow opened 90 points lower, Nasdaq fell 20 points, and the S&P lost 10 points. And it would have been worst if the September Consumer Price Index (CPI), did not come in weaker than expected, tempering the downside pressure.
Except for a brief moment shortly after the opening bell, stocks remained negative for the entire trading session, as fear of slowing global growth, rising US and global interest rates, and trade war worries, forced investors to sell stocks.
The selloff intensified during the afternoon session. All eleven S&P sections closed the session lower, led by energy, financials, real estate, healthcare, consumer staples, industrials, utilities, and consumer discretionary.
Factors Influencing Today's Market
Rising US and global bond yields, and fear of inflation scare investors.
Crude oil traded moderately lower in today's session. WTI crude oil closed at $70.97, down 3.01%.
This week's EIA Status Report show crude oil inventories rose 6 million barrels, to 410 million barrels.
This week's Initial Jobless Claims rose 7, 000 to 214,000 claims.
September CPI rose 0.1% vs 0.2% expected.
Market Close Volume Traded And Advance Decline Ratio
Stocks tumbled again today, continuing the massive selloff off yesterday. The Dow sank 545.91 points, Nasdaq lost 92.99 points, and the S&P fell 57.31 points. Total NYSE volume traded, a solid 4.87 billion shares. Declining shares outpaced Advancing shares nearly 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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