Friday's Market Recap - Markets Rally On Hottest November CPI Increase In Thirty-nine Years.
- cashtonsaunders
- Dec 10, 2021
- 2 min read
What is The Premarket Telling Us?
December 10, 2021, 7:18 AM.
US stock index futures were modestly elevated early in the premarket. Dow futures were up 85 points, Nasdaq futures up 48 points, S&P futures up 15 points. Asian markets ended lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.487%, down 0.022%.
Currency Desk:
Eurodollar: 1.12
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $71.60/barrel, down 0.93%.
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 today. Japan (Nikkei 225) fell 1.07%, Shanghai down 0.18%, Hong Kong (Hang Seng) down lost 1.0%.
Major European markets also ended with losses. German (DAX) fell 0.10%, France CAC 40 fell 0.24%, London FTSE 100 fell 0.40%.
Market And Sector Dynamics
Stocks opened today's session decidedly positive, with the Dow up 172 points, Nasdaq up 113 points, and S&P up 31 points. WTI crude oil rose 1.20% to $71.79/barrel, and the US 10 Year Bond fell 1.7 basis points, to 1.47%. Markets were responding to a strong Consumer Price Index print from the Labor Department, which grew 0.8% month over last month, and 6.8% year over year, the largest increase since 1982.
The rally faded by the middle of the morning, but turned around moments later, and rallied again into the afternoon, to close at the high of the day.
At the low, the Dow was down 41 points. Market tone was mostly positive, as investors appeared confident that the Fed successfully speed up the taper, and begin interest rate hikes according to plan, without spooking the markets.
All eleven S&P sectors rallied in today's session, led by Technology, Consumer Staples, Energy, Basic Materials, Utilities, Real Estate, Consumer Discretionary, Industrials, Healthcare, Communication Services, and Financials.
Factors Influencing Today's Market
November Consumer Price Index (CPI) rose a hotter than expected 0.8% month over month, or 6.8% Year over Year, the largest increase since 1982.
US 10 Year Bond Yield closed at 1.482%, down 1.02%.
WTI crude oil closed today at $71.67/barrel, up 1.03%.
This week's Baker Hughes US Oil Rig count rose 4 to 471 total.
Asian and European markets ended with losses today.
Market Close Volume Traded And Advance Decline Ratio
When trading ended on Friday, the major indexes were sharply higher. The Dow gained 216.30 points, Nasdaq gained 113.23 points. and S&P gained 44.57 points. Total NYSE volume traded a light 3.89 billion shares. Declining shares outpaced Advancing shares by 1.12:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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