Friday's Market Recap - Another Down Day And Another Down Week In The Markets.
- cashtonsaunders
- Mar 11, 2022
- 2 min read
Updated: Mar 14, 2022
What is The Premarket Telling Us?
Friday, March 11, 2022, 7:38 AM.
US stock equity futures pointed higher early in the premarket, with Dow futures up a solid 391 points, Nasdaq futures up 231 points, and S&P futures up 58 points. Asian markets ended mixed in their sessions overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.011%, up 0.0630%
Currency Desk:
Eurodollar: 1.10
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $106.97/barrel, up 0.90%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed on Friday. Japan (Nikkei 225) down 2.05%, Shanghai up 0.41%, Hong Kong (Hang Seng) dow 1.47%.
Major European markets closed with gains today. German (DAX) gained 1.38%, France CAC 40 up 0.85%, London FTSE 100 up 0.80%.
Market And Sector Dynamics
Stocks were encouragingly higher at the start of trading this morning. The Dow was up 292 points, Nasdaq was up 94 points, and the S&P up 31 points. WTI crude oil was mildly higher at $106.70/barrel, up 064%, while the US 10 Year Bond was a tick lower, at 2.006%, down 0.3 basis points.
Markets trended lower for most of the morning session but remained mostly in positive territory, before selling off late in the afternoon session.
The markets are currently tethered to any positive or negative news coming out of Ukraine. Any seemingly positive news about the war in Ukraine, causes the markets to rally, and the markets sell-off when the news is negative.
All eleven S&P sectors ended with losses today, led by Communication Services, Technology, Consumer Discretionary, Consumer Staples, Real Estate, Energy, Industrials, Healthcare, Basic Materials, Financials, and Utilities.
Factors Influencing Today's Market
Stocks sold off on chances of a ceasefire in Ukraine fades, intraday.
February Consumer Sentiment came in lower than expected at 59.7 vs 61.7 consensus estimates.
US 10 Year Bond Yield ended today at 1.997%, up 0.18%.
WTI crude oil ended today's session at $109.33/barrel, up 3.12%.
This week's Baker Hughes US Oil rig count rose by 8 rigs to 527 total.
Market Close Volume Traded And Advance Decline Ratio
US markets ended down again today, rounding out three weeks of losses. The Dow fell 229.88 points, Nasdaq fell 286.16 points, and S&P fell 55.21 points. Total NYSE volume traded was a modest 5.0 billion shares. Declining shares outpaced Advancing shares by 2.67 billion shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments