Friday's Market Recap - US Stocks Rallied To End Three-Week Slump.
- cashtonsaunders
- Sep 9, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, September 9, 2022, 7:09 AM.
This morning's equity futures were sharply higher, with Dow futures up 255 points, Nasdaq futures up 137 points and S&P futures up 35 points. Major Asian markets closed higher in today's trading.
On The Bond Desk:
The US 10-Year Bond Yield at 3.13%, unchanged.
Currency Desk:
Eurodollar: 1.00
UK Pound: 1.15
Crude Oil:
WTI crude oil futures at $85.11/barrel, up 1.88%.
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 with gains. Japan (Nikkei 225) up 0.53%, Shanghai up 0.82%, Hong Kong (Hang Seng) down up 2.85%.
Major European markets closed higher. German (DAX) gained 1.43%, France CAC 40 up 1.41%, London FTSE 100 up 1.23%.
Market And Sector Dynamics
Markets rallied for a third consecutive session on Friday, taking their cue from lower crude oil prices, and a growing consensus that the Fed would hike by 75 basis points at their meeting next month. The market traded sharply elevated for the entire session, with the Dow closing just off the intraday high of 450 points.
Stocks remained consistently elevated for the entire trading day, as investors shrugged off inflation, recession, and concerns about weakening economic growth and pushed markets higher.
All eleven S&P sectors closed with meaningful gains in today's session, led by Communication Services, Energy, Technology, Consumer Discretionary, Basic Materials, Industrials, Consumers Staples, Real Estate, Healthcare, and Utilities.
Factors Influencing Today's Market
Major Asian and European markets traded higher today.
The US 10 Bond Yield ended today at 3.319%, down 0.10%.
WTI crude oil closed today at $86.26.barrel up 3.94%.
This week's Baker Hughes US Oil Rig count fell 5 Rigs to 591 total rigs.
Market Close Volume Traded And Advance Decline Ratio
US markets closed higher for the week. At the close today, the indexes were higher. The Dow finished up 377.19 points, Nasdaq rose 250.18 points, and the S&P gained 61.18 points. Total NYSE volume traded, was a light 3.90 billion shares. Advancing shares outpaced Declining shares by 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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