Friday's Market Recap - Dow Takes Out June Bear Market Lows.
- cashtonsaunders
- Sep 23, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, September 23, 2022, 7:06 AM.
US stock futures were sharply lower, a little less than two and a half hours before the start of trading. Dow futures were down 371 points, Nasdaq futures down 173 points, and S&P futures down 51 points. Currencies such as the Euro and the British Pound have reacted violently, after the Fed's 0.75% rate hike, which has strengthened the US dollar, against all major currencies. Major Asian markets traded lower overnight.
On The Bond Desk:
The US 10-Year Bond Yield at 3.708%, up .0918%.
Currency Desk:
Eurodollar: 0.97
UK Pound: 1.10
Crude Oil:
WTI crude oil futures at $80.65/barrel, down 3.40%.
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 lower. Japan (Nikkei 225) was down 0.58%, Shanghai down 0.66%, Hong Kong (Hang Seng) down 1.18%.
Major European markets closed sharply lower today. German (DAX) down 1.97%, France CAC 40 down 2.28%, London FTSE 100 down 1.97%.
Market And Sector Dynamics
Markets opened today's session markedly lower with the Dow down 263 points, Nasdaq down 120 points, and the S&P down 39 points, under pressure from rising bond yields and growing fear of imminent recession. WTI crude oil price at $83.54/barrel, five cents higher than yesterday's close, and the US 10 Year Bond started off higher at 3.718%, and reached a high of 3.811% intraday.
The market traded comfortably below the flat line for the entire session, with the Dow down more than 800 points around 3:00 PM. The strengthening US dollar has put pressure on other currencies, especially, in the UK and Europe which has heightened fears of a recession in those areas, and would definitely affect our own economy here in the US.
Market tone was negative but orderly, and all the eleven S&P sectors closed with losses, led by, Energy (down 6.75%), Consumer Discretionary, Basic Materials, Industrials, Communication Services, Consumer Staples, Financials, Technology, Real Estate, Utilities and Healthcare.
Factors Influencing Today's Market
Fear that the Federal Reserve will push the economy into recession is still a big concern for investors.
Major Asian and European markets closed with losses today.
The US 10 Year Bond Yield ended Friday at 3.687%, down 0.68%.
WTI crude oil ended trading today at $78.64/ down 5.69%
This week's Baker Hughes US Oil rig count rose 3 rigs to 602 total.
Market Close Volume Traded And Advance Decline Ratio
Stocks tumbled lower again to end the trading week. At the close, the Dow plunged 486.27 points, Nasdaq sank 198.88 (almost 2%), and the S&P was down 64.76 points. Total NYSE volume traded was a modest 5.14 billion shares. Declining shares outpaced Advancing shares by 7:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments