Friday's Market Tear Sheet - Stocks Up As Consumer Sentiment Rises, Crude Oil And Bond Yields Falls.
- cashtonsaunders
- Aug 12, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, August 12, 2022, 7:35 AM.
Stock future indicated higher again on Friday morning. Dow futures were up 91 points, Nasdaq futures up 37 points, and S&P futures up 12 points. while Asian markets were mixed in their sessions.
On The Bond Desk:
The US 10-Year Bond Yield at 2.888%, up 0.0.102%.
Currency Desk:
Eurodollar: 1.02
UK Pound: 1.21
Crude Oil:
WTI crude oil futures at $92.91/barrel, up 1.52%.
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 2.62, Shanghai down 0.15%, Hong Kong (Hang Seng) up 0.46%.
Major European markets closed modestly higher. German (DAX) up 0.74%, France CAC 40 up 0.14%, London FTSE 100 up 0.47%.
Market And Sector Dynamics
US stocks jumped off to a strong positive start on Friday, with the Dow up 156 points, Nasdaq gained 77 points, and the S&P added
points. WTI crude oil opened higher at $94.09/barrel, and the US 10 Year Bond hovered slightly lower at 2.848%. The House of Representatives is expected to pass the Inflation Reduction Act, and send it to President Biden's desk for his signature.
Stocks traded in true rink-on fashion today charting a course from the lower left to the upper right, to close at the high of the session, driven by a better-than-expected read on August consumer sentiment, and a sense that based on recent US economic data, the Federal Reserve will be less to continue its aggressive rate hikes, and perhaps would hike by only by fifty basis points at its next meeting scheduled for September. Many investors believe that the Federal Reserve will be able to engineer a soft landing and avoid a deep recession.
All eleven S&P sectors ended today with solid gains led by Consumer Discretionary, Technology, Communication Services, Basic Materials, Real Estate, Financials, Utilities, Industrials, Healthcare, Consumer Staples, and Energy.
Factors Influencing Today's Market
Today the US House of Representatives passed the Administration's Inflation Reduction Act.
A preliminary read of August Consumer Sentiment came in at a higher than expected 55.1 vs 52.2 expected.
Asian markets ended mixed and European markets ended with gains.
This week's Baker Hughes US Oil Rig count added 3 rigs for a total 601 rigs.
US 10 Year Bond Yield closed at 2.842/barrel, down 1.64%.
WTI crude oil ended today's trading session at $92.09/barrel, down 2.38%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading on Friday, US markets were solidly higher, with the Dow up 424.38 points, Nasdaq gained 267.27 points, and S&P gained 72.88 points. Total NYSE volume traded was a light 3.79 billion shares. Advancing shares outpaced Declining shares by 4.18 points.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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