Monday's Market Recap - Stocks Are In Firm Grip Of A Bear Market.
- cashtonsaunders
- May 9, 2022
- 2 min read
What is The Premarket Telling Us?
Monday, May 9, 2022, 7:19 AM.
US stock futures were significantly lower early in the premarket session indicating another down market at the open. Dow futures were down 528 points, Nasdaq futures down 314 points, and S&P futures down 81 points. Asian markets ended their day lower.
On The Bond Desk:
The US 10 Year Bond Yield at 3.123%, up 0.037%.
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $107.27/barrel, down 2.28%.
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 mostly lower. Japan (Nikkei 225) down 2.53%, Shanghai up 0.09%, Hong Kong (Hang Seng) down 3.81%.
Major European markets ended their session lower. German (DAX) down 2.15%, France CAC 40 down 2.75%, London FTSE 100 down 2.32%.
Market And Sector Dynamics
As indicated by the futures, stocks opened sharply lower. The Dow sank 422 points, Nasdaq fell 219 points and the S&P lost 61 points. WTI crude oil also trended lower, at $107.60/barrel, down 1.98%. The US 10 Year Bond Yield slipped 0.30 basis points to 3.121%.
US stocks traded sharply below the flat line in a markedly negative session dominated by fear of the Fed rate hike regime, recession, and repricing of corporate multiples by the market. Stocks ended at the low of the day.
Market tone was sharply negative today, with ten of the eleven S&P sectors ending the day with solid losses, led by Energy (8.3%), Real Estate (4.62%), Consumer Discretionary (4.26%), Technology (3.94%), Basic Materials (3.24%), Healthcare (2.57%), Financials (2.46%), Communication Services (2.44%), Industrials (2.40%), and Utilities (.77). Consumer Staples was slightly higher 0.05%).
Factors Influencing Today's Market
The bear market continued in today's session. Fear of Fed interest rate hikes, Fear of recession, China Covid lockdown, and Russia Ukraine war have markets in turmoil.
US 10 Year Bond Yield closed the session at 3.034%, down 3.46%.
Energy fell sharply in today's session. WTI crude oil closed at $102.95/barrel, down 5.70%.
Market Close Volume Traded And Advance Decline Ratio
Markets continued to tumble today. The Dow plunged 653.67 points, Nasdaq sank 521.41 points, and the S&P tanked 132.10 points. Total NYSE volume traded was a moderate 5.98 billion shares. Declining shares outpace Advancing shares by 7.45:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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