Monday's Market Recap - The Bears Took Charge Today Sending The Three Indexes Lower.
- May 9, 2021
- 2 min read
What is The Premarket Telling Us?
May 10, 2021 7:17 AM.
US stock futures are higher at this hour, with Dow futures up 120 points, Nasdaq futures up 35 points, and S&P futures up 4.5 points. Asian markets closed mixed while we slept.
On The Bond Desk:
The US 10 Year Bond Yield at 1.581%, up 0.2 basis points.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $65227/barrel, up 0.57%.
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 mixed. Japan (Nikkei 225) gained 0.55 %, Shanghai up 0.27%, Hong Kong (Hang Seng) down 0.05%
Major European markets closed mixed. German (DAX) ended flat, France CAC 40 up 0.01%, London FTSE 100 down 0.08%.
Market And Sector Dynamics
Markets opened today's session mixed. The Dow gained 129 points, Nasdaq down 65 points, and the S&P gained 1 point. WTI crude oil was up slightly at $65.41/barrel, up 0.46%, while the US 10 Year Bond hovered at 1.572%, down 0.7 basis point.
After a solid performance for most of today's session, with the Dow up almost 310 points around 11:30 AM, the market sold off in the last two hours trading, to close modestly lower.
The technology heavy Nasdaq, fell hard in the session sending a large swath of high growth plunging lower, as investor sought the safety of more reasonable valued stocks.
Six of eleven S&P sectors ended with losses in today's session, led by Technology, Consumer Discretionary, Communication Services, Basic Materials, Financials, and Energy. Utilities, Consumer Staples, Healthcare, and Industrials ended the day with gain.
Factors Influencing Today's Market
The technology heavy Nasdaq bore the brunt of today's losses. After a strong morning and early afternoon session, the Dow gave up all of the day's gains, and then some.
Asian and European markets ended mixed in their session.
The US 10 Year Bond closed today at 1.604%, up 1.24%.
WTI crude oil closed today at $64.97/barrel, down 0.75%.
Market Close Volume Traded And Advance Decline Ratio
When the market closed, the major indexes were lower. The Dow 34.94 points, Nasdaq fell 350.38 points, and the S&P lost 44.17 points. Total NYSE volume traded, a moderate, 4.58 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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