Friday's Market Recap - China's DiDi Delisting From NYSE & More Omicron Cases In US - Stocks Fall.

What is The Premarket Telling Us?

December 3, 2021, 8:30 AM.

Futures were modestly positive an hour before the opening bell. Dow futures climbed 64 points, Nasdaq up 89 points, S&P rose 14 points. Asian markets ended mixed.

On The Bond Desk:

The US 10 Year Bond Yield at 1.426%, down 0.022%.

Currency Desk:

Eurodollar: 1.13

UK Pound: 1.32

Crude Oil:

WTI crude oil futures at $68.42/barrel. up 2.89%.

On the Earnings Calendar:

DocuSign reported disappointing results after the closed yesterday, sending shares sharply lower.

In M&A News:

None to report.

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What About The Asian And European Markets?

Major Asian markets ended mixed. Japan (Nikkei 225) gained 1.00%, Shanghai added 0.94%, Hong Kong (Hang Seng) fell 0.31%.

Major European markets ended higher. Germany (DAX) fell 0.61%, France CAC 40 down 0.44%, London FTSE 100 down 0.10%.

Market And Sector Dynamics

Stocks opened the trading day nicely in the green, with the Dow up 125 points, Nasdaq gained 89 points, and S&P gained 23 points. WTI crude oil was also higher at $68.89/barrel, up 3.59%, and the 10 Year Bond Yield stood at 1.46%, up 1.1 basis point.

Markets turned lower a few minutes after the open, and remained in the red for the entire trading session, in heavy sell-off mode.

News of Chinese ride-hailing company DiDi, being delisted from the US, and potentially other Chinese companies trading in the US put immense pressure on markets, sending shares of Alibaba, and other companies tumbling lower. Uncertainty surrounding the Omicron covid variant also weighed heavily on markets, as did the potential for rising interest rates by a now more hawkish Federal Reserve.

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

Factors Influencing Today's Market

• Chinese Ride-hailing company DiDi is being delisted from the New York Stock Exchange.

• Additional Omicron cases were discovered in many states across the US.

• US 10 Year Bond Yield closed at 1.356%, down 6.09%.

• WTI crude oil closed at $66.27/barrel, down 0.35%

• Baker Hughes US Oil Rig count held at 467 total. No new rigs were added this week.

Market Close Volume Traded And Advance Decline Ratio

When trading ended the Dow fell 59.71 points, Nasdaq tumbled 295.85 points, and the S&P down 38.67 points. Total NYSE volume traded, a moderate 5.30 billion shares. Declining shares outpaced Advancing shares by 2.77:1.

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