Friday's Market Recap - This Market Is A Mean Angry Bear.
- cashtonsaunders
- Sep 30, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, September 30, 2022, 6:27 AM.
Stock futures were nicely elevated nearly three hours before the start of trading. Dow futures were up 212 points, Nasdaq futures up 92 points, and S&P futures. Asian markets ended mixed overnight. Investors will be anxious the see the Personal Consumption Expenditures data for August due out at 8:30 AM. This is a key inflation data point for the Fed in their effort to gauge inflation pressure in the economy.
On The Bond Desk:
The US 10-Year Bond Yield at 3.747%, up 0.042%.
Currency Desk:
Eurodollar: 0.97
UK Pound: 1.11
Crude Oil:
WTI crude oil futures at $81.60/barrel, up 0.46%.
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) down 1.83%, Shanghai down 0.55%, Hong Kong (Hang Seng) up 0.40%.
Major European markets closed higher. German (DAX) rose 1.16%, France CAC 40 up 1.51%, London FTSE 100 up 0.18%.
Market And Sector Dynamics
TS markets opened today's session lower. The Dow lost 42 points, Nasdaq was down 20 points, and the S&P fell 3 points. Crude oil was down $0.76, at $80.47/barrel, and the US 10 Year Bond Yield hovered at 3.7320%, down 0.015.
Stocks traded in negative territory for the entire session and ended at the intraday low. Ten of the eleven S&P sectors ended with losses today, led by Utilities, Technology, Consumer Discretionary, Consumer Staples, Communication Services, Healthcare, Industrials, Financials, Energy, and Basic Materials. Real Estate was the only sector that ended with gains.
Factors Influencing Today's Market
August Personal Consumption Expenditures rose 0.4% vs 0.2% estimated. Year over Year the increase was 6.2% vs 6.4% in July.
US 10 Year Bond Yield ended today at 3.829%, up 1.25%.
WTI crude oil price ended today at $79.70/barrel, down 1.88%.
This week's Baker Hughes US Oil Rig count rose 2 rigs to 604 total.
Market Close Volume Traded And Advance Decline Ratio
US markets lost significant ground again today as the bear market rolls on. When trading ended the Dow plunged 500.10 points, Nasdaq lost 161.89 points, and the S&P lost 54.85 points. Total NYSE volume traded was a moderate 5.64 points. Declining shares outpaced Advancing shares by 1.32:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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