Thursday's Market Recap - Stock Failed To Hold On To Sharp Morning Rally.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately lower at this hour, with Dow futures down 141 points, Nasdaq futures down 40 points, and S&P futures down 17 points. Asian market closed mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.70%
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.30
Crude Oil:
WTI crude oil futures down $37.48/barrel, down 1.50%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) gained 0.88%, Shanghai down 0.61%, Hong Kong (Hang Seng) lost 0.64%.
Major European markets. German (DAX) down 0.21%, France CAC 40 lost 0.38%, London FTSE 100 down 0.16%.
Market And Sector Dynamics
Markets opened the trading session impressively higher, after yesterday's selloff. The Dow gained 130 points, Nasdaq rose 90 points, and the S&P gained 16 points, once again led by technology and consumer discretionary sectors. This morning's release of job claims data showed that 886 K workers filed for new unemployment benefits last week, and was mostly in line with what was estimated. Investors also learned than mall owners, Simon Properties, and Brookfield is buying JCPenny retail operations, out of bankruptcy. WTI crude oil is lower early, at $37.75/barrel, down 0.79%, and the US 10 Year Bond sits at 0.713%.
Stocks surged higher, shortly after the open, with the Dow hitting an intra-day high, up 234 points. The rally gradually lost ground in mid-morning and was exacerbated after the Senate GOP failed to pass its own 'skinny' additional cares act bill, making hardly likely that any additional stimulus will happen before November 3rd. Presidential elections.
Stocks continued to sell off during the afternoon session, closing at the low of the day. All eleven S&P sectors closed the session with losses, led by Energy, Technology, Consumer Discretionary, Utilities, Communication Services, Healthcare, Real Estate, Financials, Industrials, Consumer Staples, and Basic Materials.
Factors Influencing Today's Market
Today's Initial Jobless Claims Report show 884,000 new claims for unemployment benefits last week, slightly more than the 828,000 estimated.
Mall owners Simon Properties, and Brookfield, are buying JCPenny retail operations out of bankruptcy.
The US Senate failed to pass a GOP 'skinny' cares act bill to extend benefits for Americans hurt by the pandemic.
US 10 Year Bond Yield closed at 0.682%, down 2.33%.
WTI crude oil price closed at $37.30/barrel, down 1.97%.
This week's EIA Petroleum Status Report shows US crude oil inventories grew/build of 2.0 million barrel.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the major indexes were sharply lower. The Dow lost 405.89 points, Nasdaq lost 221.97 points, and the S&P was down 59.77 points.Total NYSE volume traded, a modest 4.19 billion shares. Declining shares outpaced Advancing shares slightly better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Wat221.97 ch, TD Ameritrade, Yahoo Finance.
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