Friday's Market Recap - Covid-19 Infections And Hospitalization Weighed Down Stock Today.
What is The Premarket Telling Us?
7:00 AM.
Neutral or muted describes the status of US stock futures at this hour, on the final trading session of the week.
Dow futures are down 34 points, Nasdaq futures up 15 points, and S&P futures up 2 points. As expected, Pfizer announced this morning that it will file an Emergency Use Authorization (EUA) with the FDA for its Covid-19 vaccine candidate. If approved the vaccine could be distributed shortly thereafter.
On The Bond Desk:
The US 10 Year Bond Yield sits at 0.85%, down 0.03%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $42.21/barrel, up 0.74%
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 their Friday session mixed. Japan (Nikkei 225) down 0.42%, Shanghai up 0.44%, Hong Kong (Hang Seng) up 0.36%.
Major European markets ended with modest gains. German (DAX) up 0.39%, France CAC 40 up 0.39%, London FTSE 100 up 0.27%.
Market And Sector Dynamics
Stocks started the day modestly lower. The Dow lost 80 points, Nasdaq down 13 points, and the S&P down7 points. WTI crude oil also started lower at $41.62/barrel, down 0.29%, and the US 10 Year down 0.894%.
Markets are trying to balance the three key risks today: The frightening rise in Covid-19 infections and hospitalization across the US. Pfizer's announcement this morning that it has applied to the FDA for Emergency Use Authorization for its Covid-19 vaccine candidate, and the inaction of Congress to put together the urgent needed additional stimulus, needed by Americans, and business, displaced by the pandemic.
Stocks remained in negative territory for the entire trading session, finishing at the low of the day.
Ten of the eleven S&P sectors ended the day with modest losses, led by Technology, Industrials, Financials, Real Estate, Consumer Staples, Communication Services, Energy, Consumer Discretionary, Healthcare, and Basic Materials.
Factors Influencing Today's Market
Pfizer applies to the FDA for Emergency Use Authorization for its Covid-19 vaccine candidate.
Covid-19 Infections and hospitalizations increase to record levels across the US.
Asian and European markets ended their sessions mostly higher.
US 10 Year Bond Yield closed at 0.824%, down 2.14%.
WTI crude oil closed at $42.18/barrel, up 0.98%.
This week's Baker Hughes Oil Rig count fell 5 rigs to 231 total.
Market Close Volume Traded And Advance Decline Ratio
Markets ended lower on Friday, with the Dow down 219.75 points, Nasdaq fell 49.74 points, and the S&P fell 24.33 points. Total NYSE volume traded, a moderate 4.27 billion shares. Declining shares outpaced Advancing shares by 1.17:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
Comments