Friday's Market Recap - Another Down Session But Volatility May Be Moderating.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately down, ahead of the start of trading. Dow futures down 223 points, Nasdaq futures down 74 points, and S&P futures down 24 points. Asian market ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 0.63%, down 0.01%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $26.62/barrel, up 5.13%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mixed. Japan (Nikkei 225) up up 1.47%, Shanghai down 0.60%, Hong Kong (Hang Seng) down 0.19%
Major European markets were also lower. German (DAX) down 0.47%, France CAC 40 down 1.57%, London FTSE 100 down 1.18%.
Market And Sector Dynamics
US small business can begin applying for loans today, made possible by the Care Act, as of today.
Stocks opened decidedly negative, with the Dow down 125 points, Nasdaq down 36 points, and the S&P fell 13 points. Investors are reacting to the March jobs report which showed 701,000 jobs were lost, due to the coronavirus, and the unemployment rate has ticked up to 4.4%. While this was somewhat expected, it served to highlight the devastating effects the pandemic is having on the US economy. Bucking the negative trend crude oil is moving higher, with WTI crude oil sitting at $27.23/barrel, up 7.74%, early in the session. The US 10 Year Bond Yield is holding at 0.593%.
Stock trended lower after the opening bell, and remained negative for the entire session.
Markets did rebound from lows late in the afternoon session, with a rush of buying just before the close, but not nearly enough to get us back to the flat line.
Today's selloff was pronounced but orderly, with ten of the eleven S&P sectors closing with losses, led by Utilities, Basic Materials, Financials, Communication Services, Technology, Industrials, Consumer Discretionary, Energy, Healthcare, and Real Estate.
Factors Influencing Today's Market
Coronavirus cases and deaths continue to increase in New York State, with faint signs that the apex could be near.
Markets volatility seems to be calming, as the extent of the declines seems to be moderating.
Asian and European stocks were mostly lower in their sessions.
US 10 Year Bond Yield closed at .599%, down 1.91%.
WTI crude oil closed the day at $28.34/barrel, up 11.93%.
This week's Baker Hughes Oil Rig Count fell 62 rigs, to 562 total.
Market Close Volume Traded And Advance Decline Ratio
Stocks were all lower when the closing bell rang. The Dow lost 360.91 points, Nasdaq fell 114.23 points, and the S&P lost 38.25 points. Total NYSE volume traded, a heavy 6.18 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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