Monday's Market Recap - Dow Rally On Jerome Powell's Re-nomination, Then The Rally Fades.
- cashtonsaunders
- Nov 22, 2021
- 2 min read
What is The Premarket Telling Us?
Monday November 22 2021 7:41 AM.
Stock futures were moderately higher at this hour, with Dow futures up 88 points, Nasdaq futures up 158 points, and S&P futures up 14 points. Asian markets ended their day mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.536%, down 0.053%.
Currency Desk:
Eurodollar: 1.12
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $75.72/barrel, mildly down 0.29%.
On the Earnings Calendar:
Zoom reports third quarter earnings after the closing bell today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) up 0.13%, Shanghai up 0.54%, Hong Kong (Hang Seng) down 0.56%.
Major European markets finished mixed. German (DAX) down 0.27%, France CAC 40 down 0.10%, London FTSE 100 up 0.44%.
Market And Sector Dynamics Market And Sector Dynamics
Markets opened higher this morning. The Dow gained 132 points, Nasdaq gained 73 points, and the S&P added 21 points. WTI crude oil got off to a lower start at $75.23/barrel, down 0.93%. The US 10 Year Bond ticked up 5.7 basis points to 1.593%.
Stocks surged higher shortly after he open, with the Dow up over 300 points half an hour after the market opened. Stock remained elevated at or near those level for most of the session, before suddenly selling off in the last few minutes of trading.
Early in the session the White House revealed that President Biden had re-nominated Jerome Powell as Chairman of the Federal Reserve, which the markets appeared to enthusiastically endorsed. Interest rates ticked mildly higher, and the US dollar strengthened against other currencies.
Trading was fairly balanced in today's session, with six of the eleven S&P sectors ended the session with gains, led by Energy, Financials, Consumer Staples, Utilities, Industrials, and Basic Materials. Communication Services, Technology, Consumer Discretionary, Real Estate, and Healthcare.
Factors Influencing Today's Market
Market tone became very positive today after President Biden re-nominated Jerome Powell as Federal Reserve Board Chairman, and
US 10 Year Bond Yield ended the day at 1.629%, up 4.52%.
WTI crude oil closed at $76.37/barrel, up 1.07%.
Major Asian markets ended mixed, as did European markets.
Market Close Volume Traded And Advance Decline Ratio
When traded ended the indexes were mixed. The Dow held on to a gain of 17.27 points, after trading above 300 points, an hour before the close. Nasdaq fell 202.68 points, and the S&P lost 15.02 points. Total NYSE volume traded, a modest 4.46 billion shares. Declining shares outpaced Advancing shares by 1.20:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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