Friday's Market Recap - Stocks Recover Most Of A More Than 1,000 Point Selloff.
What is The Premarket Telling Us?
7:00 AM.
Stocks futures are down again this morning, which suggests that market sell off is not yet over. Dow futures down 256 points, Nasdaq futures down 76 points, and S&P futures down 27 points. Major Asian markets sold off overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.30%, down 0.01% or one basis point.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at at $45.76/barrel, down 2.82%.
On the Earnings Calendar:
None of significance.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets decidedly lower. Japan (Nikkei 225) down 3.67%, Shanghai %, Hong Kong (Hang Seng) down 2.42%.
Major European markets all sold off more that three percent each. German (DAX) down 3.86%, France CAC 40 down 3.38%, London FTSE 100 down 3.18%.
Market And Sector Dynamics
Markets opened lower to begin the last trading day of the week.
Coronavirus has handed us another volatile day in the markets. At moments the Dow was down more than 1,000 points, then then down 500 points, back down to 800 points, then down 900 points. The markets staged a surprising recovery a few minutes before the close, and ended more than 700 points above the morning lows, leaving investors to wonder if this was the start of a market bottom.
Today's sell off turned out to be relatively balanced, with seven of the eleven S&P futures ending the session lower, led by Utilities, Financials, Real Estate, Consumer Staples, Healthcare, Basic Materials, Industrials, and Consumer Discretionary.
Factors Influencing Today's Market
With coronavirus dominating market, no one want go into the weekend during this market correction.
US 10 Year Bond Yield showed some recovery early in the session, but ended the day lower at 1.163%, down 8.71%.
Major Asian and European markets ended the day with losses.
WTI Crude Oil ended the session at $44.76/barrel, down 4.95%.
This week's Baker Hughes US Oil Rig count fell 1 rig to 678.
February Chicago PMI came in at 49, which is below 50 (break even, but better than the 45.8 consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed it was a sigh of relief for investors. The Dow was down only 357.28 points, Nasdaq gained 0.89, a fraction of a point, and the S&P fell 24.54 points. Total NYSE volume traded, a heavy 8.61 billion shares. Declining shares outpaced Advancing shares by 3.22:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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