Monday's Market Recap - Stocks Fell As OPEC Fails To Extend Its Existing Production Cuts.
- Nov 30, 2020
- 2 min read
What is The Premarket Telling Us?
6:30 AM.
Stock futures are flat this morning, with the Dow futures down 155 points, Nasdaq futures up 8 points, and S&P futures down 13 points. Asian markets closed with losses overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.84%, down 0.04%.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $44.91/barrel, up 1.36%.
On the Earnings Calendar:
None report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets fell. Japan (Nikkei 225) down 0.79%, Shanghai down 0.49%, Hong Kong (Hang Seng) down 2.09%.
Major European markets moderately lower in their session. German (DAX) down 0.33%, France CAC 40 down 1.42%, London FTSE 100 down 1.59%.
Market And Sector Dynamics
Markets remain in negative territory for the entire session, losing even more ground after the open, and remained at that level for the into the close.
Crude oil fell sharply today as OPEC and Non-OPEC countries failed to extend their production cuts in today's virtual meeting. The group will try again tomorrow.
In today's rally, nine of the eleven S&P sectors closed the day with losses led by Energy, Financials, Utilities, Industrials, Basic Materials, Real Estate, Communication Services, Consumer Discretionary, and Consumer Staples. Technology and Healthcare ended the session higher.
Factors Influencing Today's Market
In the absence of a positive catalyst the market, focused on OPEC's failure to agree on an extension of its existing production cuts.
Asian and European markets fell in their sessions.
US 10 Year Bond closed at 0.842%, down 0.19%.
WTI crude oil closed at $45.34/barrel, down 0.42%.
Market Close Volume Traded And Advance Decline Ratio
Markets lost ground today. At session close the Dow fell 271.73 points, Nasdaq lost 7.11 points, and the S&P fell 16.71 points. Total NYSE volume traded, a heavy 6.45 billion shares. Declining shares outpaced Advancing shares by 2.30:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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