Monday's Market Recap - Mixed Session - Dow Soars As The Nasdaq Enters Correction Territory.
- Mar 8, 2021
- 2 min read
6:30 AM.
What is The Premarket Telling Us
Stock futures are flashing red this morning, with Dow futures Dow 35 points, Nasdaq futures down 190 points, and the S&P down 23 points. Asian markets ended lower.
On The Bond Desk:
The US 10 Year Bond Yield at 1.55%, unchanged since the last close.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $66.24/barrel, up 0.23%.
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 their sessions lower. Japan (Nikkei 225) lost 0.42%, Shanghai fell 2.30%, Hong Kong (Hang Seng) lost 1.92%.
Major European markets closed higher. German (DAX) up 3.31%, France CAC 40 gained 2.08%, London FTSE 100 fell 1.34%.
Market And Sector Dynamics
Markets started off the day sharply higher on bullish comments from Appoloosa's David Tepper, suggesting that stocks are beginning to look attractive, once more, and that the rise in the 10 Year Bond may have run its course. The Dow climbed 120 points, Nasdaq fell 28 points, and the S&P gained 6 points. Disney was the main contributor to the Dow, along with Boeing. The WTI crude oil started the day lower, at $65.61/barrel, down0.70%, while the 10 Year Bond hovered at 1.585%.
Stocks gained momentum during the morning and middle afternoon session, with the Dow at the high, of 700 points, around 1:30 PM. Markets moderated in the final two hours of trading, ending with a nice gain for the bulls. The selloff in higher growth technology and consumer discretionary stocks continued, as investor focused on value stocks which will benefit from the reflation, reopening of the economy.
Seven of the eleven S&P sectors closed with gains in today's rally, led by Utilities, Financials, Basic Materials, Industrials, Real Estate, Consumer Staples, and Energy. Technology, Communication Services, Healthcare, and Consumer Discretionary ended in the loss column today.
Factors Influencing Today's Market
Shares of Disney outperformed the markets today, as company announces the opening of Disney Land, in California, and the opening of movie theatres in New York, and some other metropolitan areas.
'Market enjoyed some positive sentiment today Apoloosa's David Tepper supporting stocks.
US 10 Year Bond Yield ended the day mildly lower at 1.591%, down 0.54%.
WTI crude oil closed at $64.88/barrel, down 3.39%.
Asian markets ended their sessions lower, while European markets ended with nice gains.
Market Close Volume Traded And Advance Decline Ratio
Markets ended mixed today. The Dow rocketed 306.14 points, Nasdaq tanked 310.99 points, and the S&P gained 20.59 points. Total NYSE volume traded, a moderate 5.88 billion shares. Advancing shares outpaced Declining shares by 1.56 billion shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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