Friday's Market Recap - Russia Ukraine War Has US And Global Markets Firmly In Its Grip.
- cashtonsaunders
- Mar 4, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, March 4, 2022, 7:22 AM.
US stock futures headed lower early in the premarket. Dow futures were down 322 points, Nasdaq futures down126 points, and S&P futures down 43 points. Asian markets ended lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.780%, down 0.0640%.
Currency Desk:
Eurodollar: 1.08
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $111.34/barrel, up 3.41%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed lower today. Japan (Nikkei 225) fell 2.23%, Shanghai down 0.96%, Hong Kong (Hang Seng) down 2.54%.
Major European markets plunged today. German (DAX) down 4.41%, France CAC 40 down 4.97%, London FTSE 100 down 3.48%.
Market And Sector Dynamics
Five minutes into the trading session markets were convincingly lower. The Dow was down 389 points, Nasdaq fell 56 points, and S&P was down 40 points. WTI crude oil was up 3.80% to $111.76/barrel, while the US 10 Year Bond Yield ticked lower by10.8 basis points to 1.736%.
Markets were under pressure from the open to the close of trading today, primarily due to the uncertainty surrounding the geopolitical situation in Ukraine, rising energy prices, and the possibility that the Fed may not be able to pilot the US economy to a soft landing. As the Russia Ukraine dragged on for a second week, the US and the global economies worry that President Putin could intensify the bombing and shelling of civilian populations in Ukraine.
Six of the eleven S&P sectors ended lower in today's session, led by Financials, Technology, Consumer Discretionary, Communication Services, Basic Materials, and Industrials. Energy, Utilities, Real Estate, Healthcare, and Consumer Staples ended the session higher.
Factors Influencing Today's Market
Russia Ukraine war continued to spook the market in today's session.
The Bureau of Labor February US Employment situation showed 678,000 new job were created vs 390,000 consensus estimate. The unemployment rate fell to 3.8%.
US 10 Year Bond Yield ended Friday at 1.737%, down 5.60%.
WTI crude oil closed today at $112.11/barrel, up 4.12%.
This week's Baker Hughes US Oil Rig count rose by 2 rigs to 497 total.
Market Close Volume Traded And Advance Decline Ratio
Markets plunged again today's trading session. The Dow lost 179.86 points, Nasdaq fell 224.50 points, and S&P lost 34.62 points. Markets ended down for the fourth consecutive week. Total NYSE volume traded a modest 5.83 billion shares. Declining shares outpaced Advancing shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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