Friday's Market Recap - Investors Fear Solid Jobs Report Reduces Urgency For Stimulus.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed at this hour. Dow futures up 150 points, Nasdaq futures down 39 points, and S&P futures up 12 points. Asian markets were mostly lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.62%, down 0.03%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $41.74/barrel, up 0.89%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mostly lower. Japan (Nikkei 225) fell 1.11%, Shanghai lost 0.87%, Hong Kong (Hang Seng) down 0.82%.
Major European markets. German (DAX) down 1.65%, France CAC 40 down 0.89%, London FTSE 100 fell 0.88%.
Market And Sector Dynamics
Market opened the trading session mixed, with the Dow up 150 points, Nasdaq down 20 points, and the S&P up 7 points, after a better than expected jobs employment report, showing the economy added back 1.4 million jobs, and the unemployment report fell to 8.4%. WTI crude oil got off to a lower start at $41.04/barrel, down 0.77%.
The Dow actually reached a high of more than 200 points, during the first ten minutes of trading, but pulled back, and was down 600 points, an hour later, an 800 points round trip, falling even a bit lower a short while later.
Market staged a steady recovery in the afternoon session, and getting back to even around an hour before the close. Stocks lost steam again just before the closing bell.
Eight of eleven S&P sectors closed the session in negative territory, led by Communication Services, Consumer Discretionary, Technology, Healthcare, Utilities, Real Estate, Energy, and Consumer Staples. Financials, Industrials, and Basic Materials, were modestly higher.
Factors Influencing Today's Market
August employment report was better than expected showing 1.4 million job added, and the unemployment rate falling to 8.4%.
Investor that this jobs report removes the urgency for a new round of stimulus.
Asian and European markets traded lower in their session.
US 10 Year Bond Yield closed at 0.721%, higher by 13.34%.
WTI crude oil closed at $39.77/barrel, down 3.87%.
This week's Baker Hughes US Oil Rig count rose 1 to 181 total.
Market Close Volume Traded And Advance Decline Ratio
Markets sold off for a second day, with the Dow down 159.42 points, Nasdaq down 144.97 points, and S&P lost 28.10 points. Total NYSE volume traded, a moderate 4.46 billion shares. Declining shares outpaced Advancing shares by 1.47:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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