Wednesday's Market Recap - Projected Coronovirus Deaths Sour Market.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are under pressure at this time, as global market reel from dire reports that the coronavirus is projected to take the lives of between 100,000 and 240,000 Americans. Dow futures are down 675 points, Nasdaq down 211 points, and the S&P down 82 points. Asian markets were down overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.70%, up 0.03%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $20.61/barrel, up 0.63%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with losses. Japan (Nikkei 225) down 4.50%, Shanghai down 0.57%, Hong Kong (Hang Seng) up 2.19%
Major European markets closed down. German (DAX) down 3.94%, France CAC 40 down 4.30%, London FTSE 100 down 3.83%.
Market And Sector Dynamics
US stock fell hard at the start of trading. The Dow opened down 852 points, Nasdaq fell 236 points, and the S&P was down 96 points. WTI crude oil down modestly at $20.44/barrel. US 10 Year Bond sits at 0.596%.
Markets are worried that coronavirus mitigation efforts scheduled to last, hopefully until the end of April, and could extend even further, with deaths predicted to reach 100,000 - 240,000.
Stocks backed off the morning lows during the morning session, with the Dow down only 466 points, the high of the day. This rally attempt met with additional sustained selling pressure, that kept stocks lower for the rest of the trading session.
Today's selloff was broad based and deep. All eleven S&P sectors finished well into negative territory, led by Utilities, Real Estate, Financials, Technology, Energy, Basic Materials, Industrials, Consumer Discretionary, Communication Services, Healthcare, and Consumer Staples.
Factors Influencing Today's Market
The stark reality of 100,000 - 200,000 Americans could die as a result of the spread of coronavirus.
Asian and European markets close the day with losses.
US 10 Year Bond Yield ended the day at 0.602%, down 9.88%.
WTI Crude oil closed today at $21.12/barrel, up 3.13%.
This weeks EIA Petroleum Status Report shows US crude inventories grew by 13.8 million barrels.
This week's ADP Private Payroll jobs created for March was (-27,000).
Market Close Volume Traded And Advance Decline Ratio
Just when you thought the volatility had ended the markets tanked again today. The Dow fell 973.65 points, Nasdaq fell 339.52 points, and the S&P lost 114.09 points. Total NYSE volume traded, a solid 5.95 billion shares. Declining shares outpaced Advancing shares better than 13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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