Tuesday's Market Recap - Health Experts Testimony On Capitol Hill Sends Stock Lower.
What is The Premarket Telling Us?
7:45 AM.
US stock futures are modestly up at this hour. Dow futures are up 106 points, Nasdaq futures up 38 points, and S&P futures up 11 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.73%, up 0.05%.
Currency Desk:
Euro dollar: 1.06
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $26,37/barrel, up 5.14%.
On the Earnings Calendar:
General Mills updated its performance outlook this morning, forecasting improved sales and other metrics. Cisco report after the bell tomorrow.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded modestly lower overnight. Japan (Nikkei 225) down 0.12%, Shanghai down 0.11%, Hong Kong (Hang Seng) down 1.45%.
Major European markets ended mixed. German (DAX) down 0.05%, France CAC 40 down 0.39%, London FTSE 100 up 0.93%.
Market And Sector Dynamics
Stock got off to a stellar start this morning, with the Dow surging 146 points, Nasdaq up 46 points, and S&P gained 13 points. Crude oil was also higher. WTI Crude at $25.66/barrel, up 6.34%.
The US 10 Year Bond Yield sits at 0.719%.
Shares of Apple, and United Healthcare was higher early, helping to push stocks higher.
On Capitol Hill, Dr. Anthony Fauci, the head of NIH, CDC head Dr Redmond, and the head of the FDA, testify virtually, on the current status of the Administration's pandemic effort, before the Senate Health Committee.
Stocks fell back to the flat line a few minutes after the open as investors, try to assess the economic outlook, on the other side of the pandemic, against the backdrop of health experts testimony on Capitol Hill. Stock remained at those lower levels for the entire session, before selling off hard, in the last fifteen minutes of the session.
The selloff was very broad based with all eleven S&P sector closing with solid losses, led by Real Estate, Industrials, Financials, Energy, Consumer Discretionary, Technology, Communication Services, Materials, Healthcare, Utilities, Consumer Staples.
Factors Influencing Today's Market
Early stock rally fizzles early as investor economic optimism fades with health experts testimony.
Shares of Apple and United Healthcare was a positive catalyst early in the session.
Mall Owners, Simon Properties, opens 77 properties this week.
Asian markets were lower overnight.
US 10 Year closed the day at 0.667%, down 5.66%.
WTI Crude oil closed at $25.78/barrel, up 6.79%.
Market Close Volume Traded And Advance Decline Ratio
Markets declined today. The Dow fell 457.21 points, Nasdaq fell 189.79 points, and the S&P fell 60.20 points. Total NYSE volume traded, a moderately heavy 5.24 billion shares. Declining shares outpaced Advancing shares better than 3.33:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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