Friday's Market Recap - A Fourth Consecutive Day Of Losses For The Dow.

cashtonsaunders
Sep 9, 2021
2 min read

Updated: Sep 13, 2021

What is The Premarket Telling Us?

Friday September 10, 2021 at 7:30 AM.

Stock index futures are moderately higher at the hour, indicating a positive open. Dow futures were up 175 points, Nasdaq futures up 70.25 points, and S&P futures up 19.50 points. Asian stocks ended higher while we slept.

On The Bond Desk:

The US 10 Year Bond Yield at 1.319%, up 0.020%

Currency Desk:

Eurodollar: 1.18

UK Pound: 1.38

Crude Oil:

WTI crude oil futures at $69.39/barrel, up 1.83%.

On the Earnings Calendar:

None to report

In M&A News:

None to report

What About The Asian And European Markets?

Major Asian markets traded higher ended higher today. Japan (Nikkei 225) gained 1.25%, Shanghai rose 0.27%, Hong Kong (Hang Seng) up 1.91%

Major European markets mostly lower. German (DAX) down 0. 09%, France CAC 40 down 0.31%, London FTSE 100 up 0.07%

Market And Sector Dynamics

Stocks opened the day moderately higher. The Dow rose 210 points, Nasdaq gained 90 points, and the S&P gained 26 points. Stocks gave up the gains a short while later, only to return to the flat line in the early afternoon, before fading again precipitously, during the remaining session to close at the low of the day. WTI crude oil began trading at $67.97/barrel, while the US 10 Year Bond started the day off at 1.304% ticking up to a intraday high of 1.355%, and a low of 1.300%.

Stock mostly mimicked the prior day trading pattern, by starting off higher, with the rally fading in the afternoon session. Today's selloff could mostly be attributed to the court ruling in the Apple vs Epic case, where although the court found that Apple was not a monopoly, but did instruct Apple to allow App developers in the App store to offer purchaser an alternative payment option, outside of the App store. The court sided with Apple in nine of the ten points in contention.

All eleven S&P sectors ended the day with losses today, led by Utilities, Real Estate, Technology, Healthcare, Communication Services, Financials, Consumer Discretionary, Industrials, Consumer Staples, Basic Materials, and Energy.

Factors Influencing Today's Market

After a nice rally early in the session stock faded in the afternoon to end at the low of the session.
US 10 Year Bond Yield ended today at 1.343%, up 3.52%.
WTI crude oil price closed at $69.72/barrel, up 2.32%
Asian markets closed with gains, while Europe ended with mild losses.

Market Close Volume Traded And Advance Decline Ratio

US stocks lost additional ground in today's session. The Dow sank 271 points, Nasdaq fell 132.76 points, and the S&P lost 34.70 points. Total NYSE volume traded, a light 3.63 billion shares. Declining shares outpaced Advancing shares by 1.73:1.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.