Monday's Market Recap - Stocks Closed Mixed As A Family Office Fund Implodes And 10 Year Ticks Up.
- Mar 28, 2021
- 2 min read
What is The Premarket Telling Us?
8:30 AM.
US stock futures are all red at this hour, with Dow futures down 147 points, Nasdaq futures down 21points, and S&P futures down 16 points. Asian markets ended their session higher.
On The Bond Desk:
The US 10 Year Bond Yield at 1.660%, unchanged.
Currency Desk:
Eurodollar: 1.178
UK Pound: 1.382
Crude Oil:
WTI crude oil futures at $61.52/barrel, up 0.55..
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 higher. Japan (Nikkei 225) %, Shanghai up 0.50%, Hong Kong (Hang Seng) up 0.01%.
Major European markets were mixed. German (DAX) up 0.47%, France CAC 40 up 0.45%, London FTSE 100 down 0.07%.
Market And Sector Dynamics
Markets got off to a slow start this morning. Fifteen minutes after the open the major indexes were mixed. The Dow was up 6 points, Nasdaq down 36 points, and the S&P down 8 points. In today's session, investors continued to grapple with the market's recent volatility, made worst today after we learned of the implosion of Archegos Capital, a family office hedge fund, due to margin calls, which devasted the fund.
Markets struggled during the morning session, with the Dow down near 170 points at the day's low. Stocks recovered in the afternoon session, gaining momentum into session close.
Six of the eleven S&P sectors ended lower in today's session, led by Energy, Financials, Technology, Consumer Discretionary, Basic Materials, and Real Estate. Utilities, Consumer Staples, Communications Services, Healthcare, and Industrials.
Factors Influencing Today's Market
Archegos Capital, a mostly unknown, highly leveraged, family office hedge fund imploded over the weekend after margin calls left it insolvent.
Asian markets ended their session higher, while European markets were mixed.
The US 10 Year Bond ticked higher today, closing the day 1.717%, up 2.67%.
WTI crude oil ended the day at $61.56/barrel, up 0.97%.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, markets ended mixed. The Dow gained 98.49 points, Nasdaq fell 79.08 points, and the S&P fell 3.45 points. Total NYSE volume traded, a moderate 4.56 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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