Friday's Market Recap - The Dow, Nasdaq & S&P Fades A Modest Morning Rally To End Lower
- cashtonsaunders
- Jul 15, 2021
- 2 min read
What is The Premarket Telling Us?
July 16, 2021 7:32 AM.
Stock futures are pointing modestly higher at this hour, Dow futures are up 38 points, Nasdaq futures up 25 points, and S&P futures up 6 points. Asian markets were mixed to mostly lower.
On The Bond Desk:
The US 10 Year Bond Yield at 1.319%, up 2.2 basis points.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $71.70/barrel, up 0.07%.
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 on Friday. Japan (Nikkei 225) fell 0.98%, Shanghai down 0.71%, Hong Kong (Hang Seng) up 0.33%.
Major European markets ended the day with losses across the board. German (DAX) down 0.57%, France CAC 40 up 0.51%, London FTSE 100 down 0.06%.
Market And Sector Dynamics
Markets opened encouragingly higher to start the trading day. The Dow gained 62 points, Nasdaq gained 62 points, and the S&P gained 12 points. WTI crude was also slightly higher at $72.14/barrel, up 0.68%, and the US 10 Year Bond ticked up to 1.332%, up 3.5 bases points.
Shortly less than an hour after the open, stocks gave up all its gains, with the Down down 150 points. Markets declined steadily from there until the end of trading, to close at the intraday low.
Investors are attempting to determine what's next, after better than expected earnings performances from the major banks this week, some mixed US economic data, and growing concerns that the Covid-19 Delta variant could derail the economic progress already made post-pandemic.
Seven of the eleven S&P sector ended the session with losses, led by Energy, Basic Materials, Financials, Consumer Discretionary, Technology, Industrials, and Communication Services. Utilities, Healthcare, and Consumer Staples.
Factors Influencing Today's Market
Fear of more transmissible Covid-19 Delta virus was a concern for markets today.
Asian markets ended mixed, while European markets ended lower across the board.
US 10 Year Bond closed at 1.30%, unchanged from the previous close.
WTI crude oil ended the day at $71.81/barrel, up 0.22%.
This week's Baker Hughes US Oil Rig count increase by 2 for a total of 380 rigs.
Market Close Volume Traded And Advance Decline Ratio
All the major US indexes ended with losses today. The Dow down 299.13 points, Nasdaq lost 115.90 points, and the S&P lost 32.87 points. Total NYSE volume traded, a modest 4.04 billion shares. Declining shares outpaced Advancing shares by 2.33:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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