Monday's Market Recap - Dow and S&P End With Gains, While The Nasdaq Tumbles.
- May 2, 2021
- 2 min read
What is The Premarket Telling Us?
May 3, 2021 7:15 AM.
US stock futures are respectably higher this morning to begin the first trading day of May. Dow futures are up 200 points, Nasdaq futures up 34 points, and S&P futures up 20 points. Asian markets ended lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.644%, up 1.3 basis points.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $63.82/barrel.
On the Earnings Calendar:
None to report
In M&A News:
Verizon is selling the Yahoo, and AOL businesses it bought a few year ago to Apollo Group for $2.70 Billion.
What About The Asian And European Markets?
Major Asian markets ended moderately lower in their sessions. Japan (Nikkei 225) lost 0.83%, Shanghai down 0.81%, Hong Kong (Hang Seng) lost 1.28%.
Major European markets closed higher. German (DAX) gained 0.66%, France CAC 40 gained 0.61%, London FTSE 100 added 0.12%.
Market And Sector Dynamic
Markets opened convincingly higher, with the Dow up 199 points, Nasdaq up 65 points, and the S&P up 23 points. WTI crude oil started off modestly higher at $63.82/barrel, up 0.38%, while the US 10 Year Bond hovered at 1.621%.
While the Dow and S&P rallied during the session, the Nasdaq which started off strong, faded intraday as investors booked profits which were built up over the last two month. Shares of Apple, Amazon, Google and other high growth technology stock weighed down the Nasdaq, shortly after the open, and for the remainder of the entire session.
Six of eleven S&P sectors ended the day with gains, led by Energy, Basic Materials, Healthcare, Industrials, Consumer Staples, and Financials. Consumer Discretionary, Real Estate, Communication Services, Technology, and Utilities lost ground in the session, to finish with losses.
Factors Influencing Today's Market
High technology growth weighed negatively on the markets in the session.
US 10 Year Bond Yield closed at 1.60%, down 2.20%.
WTI crude oil closed today at $64.49/barrel.
Asian markets closed lower in their session, while European market ended higher.
Market Close Volume Traded And Advance Decline Ratio
Markets ended mixed on Monday, with the Dow gaining 238.38 points, Nasdaq fell 67.56 points, and the S&P added 11.49 points. Total NYSE volume traded, a modest 4.11 billion shares. Advancing shares outpaced Declining shares by 2.2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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