Friday's Market Recap - Fed Rate Hikes, Inflation & Recession Dominated Market Rhetoric Today
- cashtonsaunders
- Apr 8, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, April 8, 2022, 6:40 AM.AM.
Stock futures were modestly positive a few minutes before the 7:00 AM hour. Dow futures were up 92 points. Nasdaq futures up 20 points, and S&P futures up 8 points. Major Asian markets were also higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.652%, up 0.043%.
Currency Desk:
Eurodollar: 1.08
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $96.59/barrel, up 0.58%.
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 higher Japan (Nikkei 225) up 0.36%, Shanghai up 0.47%, Hong Kong (Hang Seng) up 0.17%.
Major European markets closed solidly higher. German (DAX) up1.46%, France CAC 40 up 1.34%, London FTSE 100 1.56%.
Market And Sector Dynamics
Today's trading session started off mixed with the Dow down 15 points, Nasdaq down 67 points, and the S&P down 6 points. WTI crude oil climbed 1.19%, to $97.17/barrel, and the US 10 Year Bond opened lower at 2.47%, down 0.018 basis points.
The US 10 Year Bond ticked higher during today's session investors became increasingly worried about rising commodity prices, inflation, and the Federal Reserve's interest rate hike regime over the next few months. The Dow remained higher throughout the entire session, as traders rotated away from technology and into more defensive stocks. The volatility index, the Vix also ticked modestly higher today.
Seven of the eleven S&P sectors finished the session higher today, led by Energy, Financials, Healthcare, Basic Materials, Consumer Staples, Real Estate, and Utilities. Technology, Consumer Discretionary, Communication Services, and Industrials, finished lower.
Factors Influencing Today's Market
Investors remained worried about inflation, Fed's rate hike schedule, and the ability of technology stocks to grow in that new environment.
US 10 Year Bond ended the day at 2.704%, up 1.44%.
WTI crude oil ended today at $98.26/barrel, up 2.32%.
Major Asian and European markets ended higher.
Market Close Volume Traded And Advance Decline Ratio
Major US indexes ended mixed on Friday. At the close of trading for the day and week the Dow gained 137.55 points, Nasdaq fell 186.30 points, and S&P lost 11.93 points. Total NYSE volume traded was a light 4.04 billion shares with declining shares outpacing advancing shares by 1.24:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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