Wedesday's Market Recap - Stock Pulled Back On Worries About Second Covid-19 Outbreak.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately positive two and a half hours before the opening bell. Dow futures are up 136 points, Nasdaq up 57 points, and S&P futures up 15 points. Indications are that the rally is poised to continue, at least at the open.
On The Bond Desk:
The US 10 Year Bond Yield has tick up a few basis points to 0.76%, up 0.06%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $38.06/barrel, down 0.86%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded modestly mixed in their sessions. Japan (Nikkei 225) fell 0.56%, Shanghai up 0.14%, Hong Kong (Hang Seng) up 0.56%.
Major European markets. German (DAX) %, France CAC 40 %, London FTSE 100 %
Market And Sector Dynamics
Markets opened modestly higher, with the Dow up 55 points, Nasdaq up 46 points, and the S&P up 9 points. Asian market were mildly lower overnight, on new outbreak of new coronavirus in Beijing, leading that city to the close its schools. With new outbreaks in covid-19 cases in States like Arizona, Texas, Florida, and a few others, investors are becoming increasingly concerned about a second wave of the virus which could force another shutdown of the economy.
Crude oil prices are down early, with WTI crude at $37.90/barrel, down 1.43%, and the US 10 Year Bond is sitting at 0.741%.
Technology and communication services are leading the market higher, early in the session.Stocks sank lower by mid-morning, and remained mostly lower, but returned to positive territory in the mid afternoon session, with the Dow up modestly. Stock again turned lower around 3:00 PM, and closed at the low of the day.
Eight of the eleven S&P sectors closed down today, led by Energy, Financials, Real Estate, Basic Materials, Industrials, Utilities, Consumer Staples, and Healthcare. Communication Services, Consumer Staples, and Technology were a slightly higher.
Factors Influencing Today's Market
New outbreak on Covid-19 cases in Beijing, and here in some US States is a worry for investors.
AT&T plans to layoff 3400 worker nationwide.
The US 10 Year Bond closed at 0.733%, down 1.11%.
WTI crude oil closed at $37.96/barrel, down 1.09%.
This week's EIA Petroleum Status Report shows US crude inventories grew/build by 1.2 million barels.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading markets were mixed. The Dow lost 170.37 points, Nasdaq gained 14.46 points, and the S&P fell 11.25 points. Total NYSE volume traded, a moderate 4.58 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments