Friday's Market Recap - Another Negative Week For Stocks.
- cashtonsaunders
- May 6, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, May 6, 2022, 6:15 PM
Stock futures were modestly lower in the premarket suggesting another down open. Dow futures down 76 points, Nasdaq futures down 70 points, and S&P futures, down 16 points. Major Asian markets were mostly lower in their sessions overnight.
On The Bond Desk:
The US 10 Year Bond Yield at, 3.066%, up 0.1490%.
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.23
Crude Oil:
WTI crude oil futures $110.72/barrel, up 2.27%.
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. Japan (Nikkei 225) up 0.69%, Shanghai down 2.16%, Hong Kong (Hang Seng) fell 3.81%.
Major European markets ended with losses. German (DAX) down 1.64%, France CAC 40 down 1.73%, London FTSE 100 down 1.54%.
Market And Sector Dynamics
Markets opened today's session solidly lower, continuing yesterday's massive selloff. The Dow lost 243 points, Nasdaq lost 138 points, and S&P fell 34 points. WTI crude oil prices got off to a positive start, up 1.18%, to $109.54/barrel. The US 10 Year Bond Yield ticked up 5.1 basis points, to 3.117%, firmly above the three percent mark.
Except for a quick moment in the late morning session where the Dow was briefly up 34 points, the markets traded in negative territory for the entire session. At the intraday, the Dow was down more than 500 points.
Nine of the eleven S&P sectors ended in negative territory in today's session, led by Basic Material, Communication Services, Consumer Discretionary, Real Estate, Technology, Financials, Industrials, and Consumer Staples.
Factors Influencing Today's Market
Market volatility continued today, as investors worried about Fed rate hikes, recession, and tumbling stock prices.
April's Employment Situation Non-Farm Payrolls showed the US economy created 448,000 new jobs. More than the 400,000 consensus estimate.
The US 10 Year Bond Yield ended the day at 3.142%, up 2.95%.
WTI crude oil prices ended today at $110.56/barrel, up 1.69%.
This week's Baker Hughes US Oil Rig count rose 5 to 557 total rigs.
Market Close Volume Traded And Advance Decline Ratio
Stocks continued their decline today with the Dow down 98.60 points, Nasdaq down 173.03 points, and the S&P fell 23.53 points. Total NYSE volume traded was a modest 5.10 billion shares. Declining shares outpaced Advancing shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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