Friday's Market Recap - Dow Faded The Morning Rally Then Sank 600 Points Before Late Recovery.
- cashtonsaunders
- May 20, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, May 20, 2022, 7:00 AM.
US stock futures were a sea of green in the premarket. Dow futures were up 272 points, Nasdaq futures up 169 points, and S&P futures up 41 points. Asian markets were all higher in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 2.855%, down 0.0110%.
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $110.07/barrel, up 0.16%.
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 with gains. Japan (Nikkei 225) up 1.27%, Shanghai up 1.60%, Hong Kong (Hang Seng) up 3.05%.
Major European markets closed higher. German (DAX) up 0.72%, France CAC 40 up 0.20%, London FTSE 100 up 1.19%.
Market And Sector Dynamics
A few minutes after the open, US stocks were all trading higher. The Dow was up 205 points, Nasdaq up 120 points, and the S&P up 35 points. WTI crude oil started the day off flat, at $112.23/barrel, up 0.02%. The US 10 Year Bond Yield hovered at 2.846%, down 0.9 basis points.
Despite opening convincingly higher, markets sank intraday, the Dow down 612 points at the low, before recovering late in the afternoon to finish above positive territory. Fear of recession and stagflation dominated today's session, earnings reports for retailers released this week showed the economic health of the US consumer may be waning.
Six of eleven S&P sectors ended today's session with gains, led by Healthcare, Real Estate, Energy, Consumer Staples, Utilities, and Technology. Consumer Discretionary, Industrials, Communication Services, and Basic Materials ended with losses.
Factors Influencing Today's Market
Recession and stagflation dominated markets today.
Major Asian markets ended with gains, as did European markets.
US 10 Year Bond Yield ended today at 2.788%, down 1.72%
WTI crude oil closed today at $110.31/barrel, down 1.69%.
This week's Baker Hughes US Oil Rig count rose 13 rigs to 576 points.
Market Close Volume Traded And Advance Decline Ratio
After starting the trading day firmly into positive territory all three indexes sold off intraday but staged a remarkable recovery in the last few minutes of trading. At the close, the Dow was up 8.77 points, Nasdaq fell 33.88 points, and the S&P added 0.57 point. Total NYSE volume traded was a light 5.21 billion shares. Declining shares outpaced Advancing shares by1.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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