Friday's Market Recap - Dow Slips As Markets Weigh Rising Covid Cases And Potential Fiscal Stimu
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately higher at this hour. Dow futures are up 78 points, Nasdaq futures up 104 points, S&P futures up 14 points. Asian stocks ended mixed in their session.
The US 10 Year Bond Yield at 0.61%, down 0.02%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.25
Crude Oil:
WTI crude oil futures $40.52/barrel, down 0.56%.
On the Earnings Calendar:
BlockRock reported strong second quarter performance.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended their session mixed. Japan (Nikkei 225) gained 0.47%, Shanghai up 0.13%, Hong Kong (Hang Seng) fell 0.32%.
Major European markets were also mixed. German (DAX) up 0.35%, France CAC 40 down .031%, London FTSE 100 up 0.63%.
Market And Sector Dynamics
Stock opened moderately higher, with the Dow gaining 64 points, Nasdaq rose 25 points, and the S&P rose 9 points. WTI crude oil is off to a positive start, at $40.75/barrel, up 0.22%, and the US 10 Year Bond at 0.612%.
Markets sank lower after the open, with the Dow sinking to an intraday low, down just over 100 points around 10:30 AM, before recovering most of the losses a short while later. Markets traded in a narrow range just below the flat line for the remainder of the session, and into the close of the day.
Seven of the eleven S&P sectors close today's session with moderate gains, led by Utilities, Real Estate, Healthcare, Basic Materials, Industrials, Technology, and Consumer Staples. Energy, Financials, Consumer Discretionary, and Communication Services were lower in the session.
Factors Influencing Today's Market
Strong second quarter financial performance from financials services company BlackRock.
Covid-19 infections and deaths continue to spike out of control in the US.
It is becoming more evident that a fourth round of fiscal stimulus is gaining traction in Washington.
WTI crude oil closed today at $40.59/barrel, down 0.39%.
This week's Baker Hughes US Oil Rig Count fell 1 to 180 rigs total.
Asian and European markets ended mixed in their session.
Market Close Volume Traded And Advance Decline Ratio
Today the markets ended mixed. The Dow fell 62.76 points, Nasdaq gained 29.36 points, and the S&P added 9.16 points. Total NYSE volume traded, a light 4.01 billion shares. Advancing shares outpaced Declining shares by 1.22:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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