Friday's Market Recap - Stocks End Four Weeks Of Gains And Best Weekly Performance Since Oct. 2020.
- cashtonsaunders
- Mar 18, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, March 18, 2022, 6:00 AM.
Stock futures trended moderately lower very early in the premarket, indicating markets would be lower at the open. Dow futures were down 170 points, Nasdaq futures down 85 points, and S&P futures down 26 points. Asian markets ended mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield
Currency Desk:
Eurodollar: 1.10
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $104.14/barrel, up1.13%.
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 mixed Japan (Nikkei 225) up 0.65%, Shanghai up 6.11%, Hong Kong (Hang Seng) down 0.09%.
Major European markets closed modestly higher today. German (DAX) up 0.17%, France CAC 40 up 0.12%, London FTSE 100 up 0.26%.
Market And Sector Dynamics
Stocks opened today's trading session moderately lower. The Dow opened down 99 points, Nasdaq down 70 points, and the S&P down 14 points. WTI crude oil opened slightly higher at $103.17/barrel, up 0.18%, and US 10 Year Bond slipped 3 basis points to 2.16%.
The Fed/FOMC quarter-point rate hike announced on Wednesday was received broadly by the markets as a positive development, which sent shares higher. Shares remained lower during the morning session, today, but rallied in the afternoon to ended convincingly in positive territory.
Market tone was solidly positive, with nine of the eleven S&P sectors ending the day in positive territory, led by Technology, Consumer Discretionary, Communication Services, Healthcare, Basic Materials, Industrials, Financials, Consumer Staples, Real Estate, and Energy. Utilities ended lower.
Factors Influencing Today's Market
Asian markets ended mixed, while European markets were higher.
US 10 Year Bond Yield ended the day at 2.153%, down 0.65%.
WTI crude oil contracts closed today at $103.09/barrel, up 0.11%.
This week's Baker Hughes Oil Rig count fell 3 to 524 total rigs.
Market Close Volume Traded And Advance Decline Ratio
The major US indexes were higher again today on this quadruple witching trading session, marking the strongest weekly performance since November 2020. The Dow closed up 274.17 points, Nasdaq up 279.06 points, and S&P gained 51.45 points. Total NYSE volume traded was a heavy 8.42 billion shares.
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Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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