Tuesday's Market Recap - Stocks Sold Off On Projected US Death Toll From Coronavirus.
What is The Premarket Telling Us?
7:00 AM.
It's the final trading day of the first quarter. US stock futures are modestly higher, with Dow futures up 28 points, Nasdaq futures up 30 points, and the S&P futures up 3 points. Asian market were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.67%, down 0.08%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $21.63/barrel, up 7.67%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mixed overnight. Japan (Nikkei 225) down 0.88%, Shanghai up 0.11%, Hong Kong (Hang Seng) gained 1.85%.
Major European markets traded higher today. German (DAX) up 1.22%, France CAC 40 up 040%, London FTSE 100 up 1.95%.
Market And Sector Dynamics
Stocks opened moderately lower, with the Dow down 179 points, Nasdaq lost 48 points, and the S&P fell 16 points. The US 10 Year Bond Yield sits at 0.692%, and WTI crude oil is at $20.86/barrel, up 3.93% in the early going.
Markets sank even lower, shortly after the open, with the Dow down around 300 points, as global investors digest new number from our own coronavirus task force, suggesting 100,000 - 240,000 deaths in the US, and that's if we are successful in mitigating the pandemic.
Stocks turned around at 10:30 AM, with the Dow up nearly 200 points around noontime. Stock again turned lower just before 1:00 PM and fell steadily for the remainder of the session, and into the close.
Today's selloff was broad based and orderly, with ten of the eleven S&P sectors closing with modest losses, led by Utilities, Real Estate, Financials, Consumer Staples, Technology, Consumer Discretionary, Industrials, and Basic Materials. Energy was the only sector in the green today.
Factors Influencing Today's Market
Markets sold off US as deaths projected by the coronovirus task force hit 100,000 - 240,000.
Asian market closed mixed, while European stocks ended with gains.
WTI Crude Oil closed up today, ending at $20.48/barre, up 1.94%.
US 10 Year Bond Yield closed at 0.668%, down 8.05%.
March Chicago PMI came in a better than expected 47.8 vs 40 expected.
March Consumer Confidence fell to 120 vs 132.6 in February.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow fell 410.32 points, Nasdaq fell 74.05 points, and the S&P lost 42.06 points. Total NYSE volume traded, a modestly heavy 6.63 billion shares. Declining shares outpaced Advancing shares by 1.25:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, feMarket Watch, TD Ameritrade, Yahoo Finance.
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