Friday's Market Recap - Dow Plunged In Session, Nasdaq & S&P Ended With Gains.
- cashtonsaunders
- Jan 14, 2022
- 2 min read
What is The Premarket Telling Us?
US stock futures were lower in the premarket. Dow futures were down 45 points, Nasdaq futures down 41 points, and S&P futures down 7 points. Major Asian markets were down in overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.711%, down 0.014%.
Currency Desk:
Eurodollar: 1.14
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $82.72/barrel, up 0.73%.
On the Earnings Calendar:
JPMorgan, Bank of America, and Wells Fargo reported fourth-quarter earnings results before the start of trading this morning. Only Wells Fargo traded higher in the premarket, even though they all reported good quarters.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were all lower on Friday. Japan (Nikkei 225) down 1.28%, Shanghai down 0.96%, Hong Kong (Hang Seng) down 0.19%
Major European markets also ended lower. German (DAX) 0.93%, France CAC 40 0.81%, London FTSE 100 0.28%.
Market And Sector Dynamics
Markets opened decidedly lower on Friday with the Dow down 338 points, Nasdaq lost 52 points, and the S&P fell 28 points. WTI crude oil opened up modestly at $82.62/barrel, up 0.68%, while US 10 Year Bond Yield ticked higher to 1.734%, up 2.5 basis points.
The Dow stayed in negative territory for the entire trading day, and was down 450 points, the intraday lower shortly before 1:30 PM., before pulling back from that lower later in the afternoon. Solid quarterly earnings from Bank of America, JPMorgan, and Wells Fargo released before the bell, saw shares of these companies trading lower, except Wells Fargo. Shares of these banks had run up tremendously in the last few weeks.
Seven of the eleven S&P sectors ended with losses today, led by Real Estate, Financials, Basic Material, Utilities, Industrials, Consumer Discretionary, and Healthcare. Energy, Technology, Communication Services, and Consumer Staples ended the session higher.
Factors Influencing Today's Market
Bank of America, JPMorgan, and Wells Fargo reported fourth-quarter earnings before the start of trading today.
US 10 Year Bond Yield closed at 1.793%, up 5.43%.
WTI crude oil ended closed at $83.82/barrel, up 2.07%.
Last week's Baker Hughes Oil Rig count increased by1 to 481 total.
Market Close Volume Traded And Advance Decline Ratio
US markets ended mixed today. The Dow fell 201.81 points, Nasdaq gained 86.94 points, and the S&P rose 3.82 points. Total NYSE volume traded, a light 4.32 billion shares. Declining shares outpaced Advancing shares by 1.48:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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