Monday's Market Recap - Stocks Rallied In Today's Session Pulling Back Some Of Last Weeks Losses.
- cashtonsaunders
- Sep 12, 2021
- 2 min read
What is The Premarket Telling Us?
Monday September 13, 2021 7:45 AM.
US stock futures were convincingly higher early in the premarket indicating a strong opening. Dow futures were up 118 points, Nasdaq futures up 80 points, and S&P futures up 25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.348%
Currency Desk:
Eurodollar: 1.17
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $70.11/barrel.
On the Earnings Calendar:
None to report
In M&A News:
The path may now be clear for Canadian Pacific Railway to acquire rival Kansas City Southern. Canadian National Railway now has five days to respond to a sweetened deal by Canadian Pacific.
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) up 65.53%, Shanghai up 0.33%, Hong Kong (Hang Seng) fell 1.50%.
Major European markets closed higher. German (DAX) up 0.59%, France CAC 40 up 0.20%, London FTSE 100 up 0.56%.
Market And Sector Dynamics
Stocks opened convincingly higher this morning. The Dow rallied 231 points, Nasdaq gained 92 points, and the S&P rose 31 points. WTI crude oil was also off to a higher start, up 1.10%, while the US 10 Year Bond hovered at 1.328%. Shares of Apple are regaining some of the losses it suffered last Friday, after the courts handed down its decision in the Apple vs Epic Games case. While the court did not find that Apple was a monopoly, but ruled that Apple must allow App developers to set up an alternative payment method outside of the Apple store. Although Apple won on nine of the 10 items ruled on, investor seemed unsure of how to interpret the ruling, and voted with their feet, sending shares of Apple lower.
Supply chain disruptions across the US economy, including computer chips for autos, some building material, and other items was a ongoing concern for for many investors during the session.
Markets failed to hold on to the morning rally, and sold off during the afternoon session, stoking fear that a correction could be imminent.
The markets were mostly positive in today's session, which saw eight of the eleven S&P sectors ended with gains, led by Energy, Financials, Real Estate, Communication Services, Industrials, Consumer Staples, and Consumer Discretionary. Healthcare, Utilities, and Basic Materials were modestly lower.
Factors Influencing Today's Market
Shares of Apple regained a fraction of Friday's selloff after the court ruling.
Asian and European markets were mostly higher in their sessions.
US 10 Year Bond Yield closed at 1.327%, down 1.01%.
WTI crude oil closed today at $7.064/barrel, up 0.76%.
Market Close Volume Traded And Advance Decline Ratio
The major markets ended mostly higher today. The Dow added 261.91 points, Nasdaq slipped 9.91 points, and the S&P gained 9.91 points. Total NYSE volume traded, a light 3.92 billion shares. Advancing shares outpaced Declining shares by 1.67:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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