Friday's Market Recap - Stock Fell As Investor Worry About Rising Interest Rate & Taxes.
- Apr 29, 2021
- 2 min read
What is The Premarket Telling Us?
Friday April 30, 9:00 AM.
Stock futures are moderately lower half an hour before the opening bell. Dow futures are down 171 points, Nasdaq futures down 96 points, and S&P futures down 26 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.638%, down 0.2 basis points.
Currency Desk:
Eurodollar:1.20
UK Pound:1.39
Crude Oil:
WTI crude oil futures at $63.80/barrel, down 1.86% to $63.80/barrel.
On the Earnings Calendar:
First quarter earnings season is in full swing.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended with losses. Japan (Nikkei 225) down 0.83%, Shanghai down 0.81%, Hong Kong (Hang Seng) down 1.97%.
Major European markets were lower. German (DAX) down 0.12%, France CAC 40 down 0.53%, London FTSE 100 up 0.12%.
Market And Sector Dynamics
Stocks opened moderately lower, with the Dow down 168 points, Nasdaq down 109 points, and the S&P down 24 points. WTI crude oil started off lower at $63.56/barrel, down 2.23%, while the US 10 Year Bond Yield was down slightly at 1.633%, off by 0.7 basis points.
Market trend remains higher but there is a struggle between improving economic data and earnings, and the threat of higher interest rates and higher taxes.
Stocks opened lower and remained lower for the entire trading session. Large high growth technology companies such as Apple, Google, Amazon, all reported strong earnings this week, market did not respond with much enthusiasm.
In today's selloff seven of the eleven S&P sectors ended the day lower, led by Energy, Technology, Basic Materials, Financials, Communication Services, Industrials, and Healthcare. Utilities, Real Estate, Consumer Discretionary, and Consumer Staples were higher.
Factors Influencing Today's Market
While high technology growth companies delivered stellar first quarter earning this week, investors did not respond by enthusiastically, pushing up stock prices.
Investors worry about potential for rising interest rate, and taxes.
US 10 Year Bond Yield closed today at 1.643%, up 1.88%.
WTI crude oil closed today at $65.01/barrel, up 1.80%.
This week's Baker Hughes Oil Rig count fell 1 rig to 343 total.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the three major indexes were lower. The Dow down 185.51 points, Nasdaq lost 119.87 points, and the S&P lost 30.30 points. Total NYSE volume traded, a moderate 4.37 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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