Wednesday's Market Recap - Dow Drops Nearly 500 Points On Fear Of Recession.
What is The Premarket Telling Us?
7:00 AM.
Futures are down big at this hour, suggesting markets will continue yesterday's slide at the open. Dow futures are down 169 points, Nasdaq futures down 59 points, and S&P futures down 19 points.
Major Asian market were moderately lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.64% down 0.04%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $53.63/barrel, down 0.49%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 0.49%, Shanghai down 0.92%, Hong Kong (Hang Seng) 0.19%
Major European markets fell really hard in their session. German (DAX) down 2.76%, France CAC 40 down 3.12%, London FTSE 100 down 3.23%.
Market And Sector Dynamics
Markets opened significantly lower today. The Dow fell 178 points, Nasdaq lost 58 points, and the S&P fell 19 points. WTI Crude Oil also also got off to a negative start down 0.07%, at $53.60.
Investors are been cautious ahead of September ISM (non-manufacturing) due out tomorrow morning, especially, after the ISM Manufacturing data, slipped into negative contraction territory for the last two months.
Stocks remained deep in negative territory for the entire session, with the Dow down 599 points, at the low of the day, around 1:00 PM.
Today's selloff was negative, broad based, and deep. Energy, Financials, Technology, Industrials, Materials, Consumer Staples, Consumer Discretionary, Healthcare, Communication Services, and Utilities led the downside performance.
Factors Influencing Today's Market
Stocks fell as investors worry about in recession after back to back decline of ISM Manufacturing data, into contraction territory. All eyes will be on ISM (Non Manufacturing) due out tomorrow morning.
GM strike enters it third week, with no sign of a resolution.
Both Asian and European markets were solidly lower.
ADP Private Report came in less than expected at 135,000 vs 152,000 estimated.
WTI Crude Oil prices closed at $52.64/barrel, down 1.83%.
This week's EIA Petroleum Status Report shows US crude oil inventories rose 3.1 million barrels.
The US 10 Year Bond Yield closed at 1.601%, down 2.08%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets plunged lower for a second day. The Dow sank 492.44 points, Nasdaq dived 123.44 points, and the S&P fell 52.64 points. Total NYSE volume traded, a moderate 3.91 billion shares. Declining shares outpaced Advancing shares by 3.63:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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