Friday's Market Recap - Down Day For Markets As Investors Worry About Covid-19 And Fiscal Policy.
- cashtonsaunders
- Sep 16, 2021
- 2 min read
What is The Premarket Telling Us?
Friday September 17, 2021 7:25 AM.
Stock futures were modestly lower early. Dow futures down 47 points, Nasdaq futures down 38 points, and S&P futures down 12 points. Asian markets ended with gains in their session overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.331%, up 0.027%
Currency Desk:
Eurodollar: 1.17
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $72.20/barrel, down 0.56%.
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 today. Japan (Nikkei 225) gained 0.58%, Shanghai added 0.19%, Hong Kong (Hang Seng) gained 1.03%
Major European markets ended lower. German (DAX) down 1.03%, France CAC 40 down 0.79%, London FTSE 100 fell 0.91%.
Market And Sector Dynamics
At the open, stock were mildly down across the board. The Dow was down 13 points, Nasdaq down 35 points, and the S&P was down 12 points. WTI crude oil also slipped at the open to $72.58/barrel, down 0.02%, while the US 10 Year hovered at 1.338%.
Historically, September has been a week month, and this one seems to be trending in that direction. Recent uncertainty around fiscal policy, and taxes has been weighing on markets, as both the House and the Senate are back from their summer recess. Agenda items to be considered are the Administration's infrastructure legislation, passed by a bipartisan Senate, earlier, and then there is the Biden's larger 3.5 Trillion plan, and the two are, at least for now are inextricably linked. Unfortunately, with the climate in Washington at the moment, passage of these pieces of legislation appear unlikely. Increasing the US debt limit also affected markets today. Normally a bipartisan effort, this time it's shaping up to be a major battle, as the GOP leader is suggesting that the Democrats go it alone. Failure to increase the death limit could result in the US defaulting on its debts, risking the full faith and credit of the US.
Markets remained in negative territory for the entire session, closing just off the lows of the session. At the low of the day the Dow was down 230 points.
Stocks were decidedly negative today, with ten of the eleven S&P sectors finished with losses, led by Basic Materials, Utilities, Technology, Communication Services, Industrials, Real Estate, Energy, Consumer Staples, Financials, and Consumer Discretionary. Healthcare was slightly positive.
Factors Influencing Today's Market
Asian markets ended higher today, while European markets ended lower.
US 10 Year Bond closed higher today at 1.363%, up 2.04%.
WTI crude oil ended today's trading at $71.97/barrel, down 0.88%.
This week's Baker Hughes US Oil Rig Count rose 10 rigs to 411 total.
After plunging more than 10 points, to 70.3 in August, Consumer Confidence rebounded, if only slightly in September to 71.
Market Close Volume Traded And Advance Decline Ratio
Stocks fell across the board today, sending the major indexes plunging. The Dow lost 166.44 points, Nasdaq fell 137.96 points, and the S&P was down 40.76 points. Total NYSE volume traded, a heavy 7.45 billion shares. Declining shares outpace Advancing share by 1.75:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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