Thursday's Market Recap - Stocks Closed Modestly Mixed As Another 1.5 Million File For Weekly Un
What is The Premarket Telling Us?
7:00 AM.
Stock index futures are most flat at this hour. Dow futures down 45 points, Nasdaq futures flat, and S&P futures down 6 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.73%, down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $38.39/barrel, up 1.13
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) down 0.45%, Shanghai up 0.12%, Hong Kong (Hang Seng) down 0.07%.
Major European markets closed lower. German (DAX) down 0.81%, France CAC 40 down 0.75%, London FTSE 100 down 0.47%.
Market And Sector Dynamics
Markets opened solidly lower, with the Dow down 205 points, Nasdaq down 16 points, and the S&P down 17 points. Fear of a potential second wave of Covid-19 infections continues to weigh on market sentiment. Energy and industrials lagged early in the session. WTI crude oil was down slightly initially, at $37.81/barrel, down 0.42%. The US 10 Year Bond holding at 0.699%.
Except for a brief moment near the flat line in the morning, the market remained in negative territory for most of the session, and closed at the low of the day. Market sentiment is slowly become mildly negative,as some investors are beginning to feel that the market is overbought, frothy and speculative, as evidenced by the recent aggressive purchasing of shares of Hertz, after the company had filed for chapter 11 bankruptcy protection.
Seven of the eleven S&P sectors closed with 7 of the eleven S&P sectors finishing modestly lower, led by Real Estate, Industrials, Healthcare, Consumer Discretionary, Financials, Utilities, and Communication Services.
Factors Influencing Today's Market
Another 1.51 million workers filed for unemployment benefits this week. Slightly more than the 1.22 million expected.
Fear of a second wave of Covid-19 cases due to increase number of infections and hospital admissions in some states.
Asian and European markets ended the day lower.
US10 Year Bond closed at 0.707%, down 3.59%.
WTI crude oil closed at $38.84/barrel, up 2.32%.
Market Close Volume Traded And Advance Decline Ratio
At the end of the session stocks were mixed. The Dow fell 39.51 points, Nasdaq lost 32.52 points, and the S&P added 1.85 points. Total NYSE volume traded, a moderate 4.45 billion shares. Declining shares outpaced Advancing shares by 1.28:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments