Thursday's Market Recap - Dow Down As Another 1 Million Americans File For Unemployment Benefits
What is The Premarket Telling Us?
7:00 AM.
After yesterday's sharp gains, the futures are indicating stock may be poised to be neutral when market opens. Dow futures are up 1 point, Nasdaq futures down 7 points, and S&P futures down 2 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.67%, up 0.01%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $42.67/barrel, unchanged.
On the Earnings Calendar:
Cisco's quarterly earning results disappointed investors after the close of trading yesterday. Shares traded lower in today's session.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended modestly mixed overnight. Japan (Nikkei 225) gained 1.78%, Shanghai up 0.04%, Hong Kong (Hang Seng) down 0.05%
Major European markets traded lower today. German (DAX) down 0.50%, France CAC 40 down 0.61%, London FTSE 100 down 1.50%.
Market And Sector Dynamics
Stock opened today's trading session mixed. The Dow fell 106 points, Nasdaq gained 60 points, and the S&P lost 3 points. WTI crude oil was unchanged, starting the day at $42.65/barrel, while the US 10 Year ticked up to 0.688%.
The Dow remained in negative territory for the entire session, and hitting a intraday low, down 180 points around 3:00 PM.
This week's Initial Jobless Claims report shows 963, new claims for unemployment benefits, which slighty better than the 1.15 million that was expected.That's no consolation, however, since there are 16 million American that are out of work.
Shares of Apple, Tesla, Netflix, and Facebook led the markets early, before giving back some of the gains in the late afternoon. With no negotiations on additional coronavirus stimulus taking place in Washington, markets does not have a catalyst to push it higher.
Nine of the eleven S&P sectors closed with losses today, led by Energy, Real Estate, Industrials, Financials, Utilities, Consumer Staples, Healthcare, Basic Materials, and Consumer Discretionary.
Factors Influencing Today's Market
This week's Initial Jobless Claims show 963 new claims for unemployment benefits.
Weak Cisco quarterly earnings that disappointed investors.
Asian markets were mixed, while European markets ended lower.
Stimulus negotiation in Washington have stalled, while many Americans are experiencing extreme financial hardship, paying the rent, mortgages, or other bills.
US 10 Year Bond closed at 0.717%, up 6.60%.
WTI crude oil closed at $42.47/barrel, down 0.47%.
Market Close Volume Traded And Advance Decline Ratio
At the end of the session markets were mixed. The Dow lost 80.12 points, Nasdaq gained 30.26 points, and S&P slipped 6.92 points. Total NYSE volume traded, a light 3.46 billion shares. Declining shares outpaced Advancing shares by 1.40:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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