Monday's Market Recap - Dow Sank As Spike In Covid-19 Cases Triggers Partial Lockdown in California.
- Dec 7, 2020
- 2 min read
What is The Premarket Telling Us?
8:00 AM.
US stock futures are moderately lower at this hour. Dow futures are down 118 points, Nasdaq futures down 9 points, and S&P futures down 15 points. Asian markets were mostly lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.97%, up 0.05%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $45.75/barrel, down 1.10%.
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets were lower in their session. Japan (Nikkei 225) lost 0.76%, Shanghai fell 0.81%, Hong Kong (Hang Seng) lost 1.23%.
Major European markets. German (DAX) down 0.21%, France CAC 40 down down 0.64%, London FTSE 100 up 0.08%.
Market And Sector Dynamics
After closing at a record high on Friday, stocks open the trading day modestly lower. The Dow lost 74 points, Nasdaq up 7 points, and S&P fell 7 points. WTI crude oil at $45.82/barrel, down 0.96%, and the US 10 Year Bond hovered at 0.939%.
Stocks remained lower for the entire trading session, falling lower after the open bell, and held on to that level into the close. At the low of the day the Dow was down 245 points, shortly after 2:00 PM.
As concern about the rise in Covid-19 cases across the US investors are exercising caution, as California authorities are closing certain businesses to help tamp down infections.
Bearish sectors dominating today's session were led by Energy, Real Estate, Financials, Basic Materials, Healthcare, Industrials, Consumer Staples, and 7 points. Consumer Discretionary,
Factors Influencing Today's Market
Rising Covid-19 infections in the US were a concern for markets in the session.
Asian and European markets were mostly lower in their sessions.
US 10 Year Bond Yield closed at 0.928%, down 4.60%.
WTI crude oil closed at $45.63/barrel, down 0.98%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended today, the major indexes were mixed. The Dow lost 148.47 points, Nasdaq up 55.71 points, and the S&P fell 7.16 points. Total NYSE volume traded, a modest 4.90 billion shares. Declining shares outpaced Advancing shares by 1.39:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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