Wednesday's Market Recap - Spike In New Covid-19 Cases A Major Worry For Markets.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mostly muted at this point. Dow futures down 51 points, Nasdaq futures up 15 points, and the S&P futures down 2.50 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.65%, down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at$40.50/barrels, down 0.30%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed overnight. Japan (Nikkei 225) lost 0.78%, Shanghai gained 1.74%, Hong Kong (Hang Seng) gained 0.59%.
Major European markets ended lower in their session. German (DAX) fell 0.97%, France CAC 40 down 1.24%, London FTSE 100 lost 0.55%.
Market And Sector Dynamics
Stocks opened today's trading session modestly higher, with the Dow gaining 62 points, Nasdaq rose 64 points, and the S&P was up 10 points. Crude oil is slightly lower, early at $40.58/barrel, down 0.10%. US 10 Year Bond Yield sits at 0.659% early in the session.
Markets climbed higher after the open, with the Dow up around 208 points, thirty minutes after the open, but ninety minutes later it had given up all the morning gains, and more, Dow down 46 points.
The aggressive uptick in Covid-19 cases in more than thirty US States, dominated market sentiment in today's session.
The markets traded in a narrow range, in and out of positive territory until late in the afternoon session, when the market firmed up gaping higher into the close.
Trading trading session was mostly mixed, with six of the eleven S&P sectors, ending with modest gains, led by Technology, Consumer Discretionary, Financials, Communication Services, and Utilities. Basic Materials, Consumer Staples, Real Estate, and Energy were the major laggards in the session.
Factors Influencing Today's Market
The US new Covid-19 milestone - 3,035,337 Infections, and 132,042 Deaths weighed on markets.
A rapid spike in new cases and hospitalizations across many States, including Arizona, California, and Florida, and Taxes, causing some cities to shut businesses like restaurants.
Asian and European markets were mostly lower in their sessions.
US 10 Year Bond Yield closed at 0.666%, up 3.05%.
WTI crude oil at the close was at $40.94/barrel, up 0.79%.
This week's EIA Petroleum Status Report show US crude oil inventory grew/build by 5.7 million barrels. vs a draw down of 7.2 million barrels last week.
Market Close Volume Traded And Advance Decline Ratio
The markets ended with nice gains today. The Dow gained 177.10 points, Nasdaq gained 148.61 points, and the S&P added 24.62 points. Total NYSE volume traded, a moderate 4.60 billion shares. Declining shares outpaced Advancing shares by 3.27:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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