Tuesday's Market Recap - Stocks Deep In The Red On Worry About Spiking Covid-19 Infections.
What is The Premarket Telling Us?
8:30 AM.
If you are taking your cue from the futures, it looks as if we will have a 'risk off' day or a pull back from yesterday's gains. Dow futures are down 254 points, Nasdaq futures down 38 points, and S&P futures down 24 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.67%, unchanged.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $40.39/barrel, down 0.59%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower overnight. Japan (Nikkei 225) down 0.44%, Shanghai up 0.37%, Hong Kong (Hang Seng) down 1.38%.
Major European markets were all lower in their session. German (DAX) down 0.92%, France CAC 40 down 0.74%, London FTSE 100 down 1.53%.
Market And Sector Dynamics
Markets opened convincingly lower, basically clawing back some of yesterday's gains. The Dow fell 197 points, Nasdaq fell 33 points, and the S&P gave up 10 points. WTI crude was off to a slightly lower start at $40.33/barrel, down 0.74%, and the US 10 Year Bond is holding at the 0.671%.
Shares of Apple, Facebook, and Microsoft are up at all time highs, early in the session.
Investors were definitely in a risk off/glass half full mood today. Market remained lower for most of the session, and the decline intensified late in the afternoon session, to close at the low of the day.
Shares of financial, and industrial companies led the way lower, as investors worry about the reclosing restaurants, gyms and other businesses, in Miami Dade Florida, and Houston in Texas, due to the escalating spread of Covid-19 across the country.
Factors Influencing Today's Market
Increasing fear about reclosing of restaurants and other businesses across the country.
Covid-19 cases infection and hospitalizations continues to spike in many states.
US 10 Year Bond Yield closed at 0.646%, down 4.61%.
WTI Crude oil closed the day at $40.62/barrel, down 0.02%.
Both the Asian, and European markets ended down today.
May's JOLTS report shows new job openings of 5.397 million vs 4.900 million million expected.
Market Close Volume Traded And Advance Decline Ratio
The major indices ended deep into the red today, with the Dow sinking 396.85 points, Nasdaq was down 89.76 points, and the S&P fell 34.40 points. Total NYSE volume traded, a moderate 4.60 billion shares. Declining shares outpaced Advancing shares by 3.21:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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