Monday's Market Recap - Major Indexes Down On Supply Chain And Inflation Worries.
- cashtonsaunders
- Oct 10, 2021
- 2 min read
What is The Premarket Telling Us?
Monday, September 11, 2021 7:30 AM.
Stock futures were modestly lower early in the premarket. Dow futures were down 69 points, Nasdaq futures down 86 points, and S&P futures down 16 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.612%, up 4 basis points.
Currency Desk:
Eurodollar: 1.15
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $82.08/barrel, up 3.44%.
On the Earnings Calendar:
Third quarter earning begins on Wednesday, with the big bank reporting.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets ended their day mixed. Japan (Nikkei 225) up 1.60%, Shanghai down 0.01%, Hong Kong (Hang Seng) up 1.96%.
Major European markets were also mixed. German (DAX) down 0.05%, France CAC 40 up 0.16%, London FTSE 100 up 0.72%
Market And Sector Dynamics
Markets opened today's session mixed, with the Dow up 52 points, Nasdaq down 56 points, and the S&P fell 6 points. WTI crude oil got off to a higher start at $81.00/barrel, up 2.08%, and the US 10 Year Bond held at 1.612%, up 4.1 basis points. The Dow climbed higher after the open, reaching an intraday high of 200 points, and held on to that level until shortly after midday, before trending lower during the afternoon session, to finish at the low of the day.
Today's session was dominated by continued worry about supply chain issues, a tick up in the 10 Year Bond Yield, and elevated commodity prices, and inflation. Also, the bond markets are closed today for the Columbus Day Holiday, so the full market picture may have been distorted.
Nine of eleven S&P sectors ended the session higher, led by Communication Services, Utilities, Financials, Industrials, Healthcare, Technology, Consumer Discretionary, Energy, and Consumer Staples. Real Estate, and Basic Materials were modestly higher.
Factors Influencing Today's Market
A light Columbus Day trading session dominated by worry about supply chain and inflation issues.
Asian and European markets ended mixed.
US 10 Year Bond Yield closed at 1.628%, up 0.98%.
WTI crude oil closed higher today, at $80.52/barrel, up 1.47%.
Market Close Volume Traded And Advance Decline Ratio
Stocks closed lower today, with the Dow down 250.19 points, Nasdaq fell 93.24 points, and the S&P lost 30.15 points. Total NYSE volume traded, a light 2.39 billion shares. Declining shares outpaced Advancing shares by 1.29:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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