Monday's Market Recap - The Yield On The 10 Year Wanes Allowing Growth Stocks To Soar.
- Mar 21, 2021
- 2 min read
What is The Premarket Telling Us?
6:30 AM.
Stock futures are mixed at this early hour, indicating a markets will be mixed at the start of trading. Dow futures are down 59 points, Nasdaq futures up 96 points, and the S&P up 3 points. Asian markets ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.65%, down 0.09%
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $$50.09/barrel, down 4.01%.
On the Earnings Calendar:
ACN reported better than expected earnings and revenues, and guidance was also better than expected.
In M&A News:
Canadian Pacific Railway is buying Kansas City Southern in a deal worth $25 billion.
What About The Asian And European Markets?
Major Asian markets ended mostly lower Japan (Nikkei 225) down 2.07%, Shanghai up 1.44%, Hong Kong (Hang Seng) down 36%.
Major European markets were mixed. German (DAX) up 0.25%, France CAC 40 down 0.25%, London FTSE 100 up 0.26%.
Market And Sector Dynamics
As indicated by the futures, markets opened mixed, with the Dow down 50 points, Nasdaq up 81 points, S&P up 6 points. WTI crude oil was mildly higher at $61.60/barrel, up 0.29%, while a modest pullback in the US 10 Year Bond has freed up technology stocks to move higher, and they are making the most of the respite.
Half an hour after the open the Dow turned positive, remained just above the flat line for most of the morning session, and gradually gained momentum during the rest of the session, and into the close.
In today's session, seven of the eleven S&P sectors ended the day with gains, led by Technology, Consumer Staples, Real Estate, Healthcare, Communication Services, Consumer Discretionary, and Basic Materials. Financials, Energy, Utilities, and Industrials, ended lower.
Factors Influencing Today's Market
The US 10 Year Bond started the day moderately lower helping growth stocks an opportunity to shine today.
US 10 Year Bond closed today at 1.695%, down 0.71%.
WTI crude oil ended its session modestly up at $61.65/barrel, up 0.21%.
Asian and European markets ended mixed.
Market Close Volume Traded And Advance Decline Ratio
Markets recovered some of last week's losses in today's session, with all the major indexes ending in positive territory. The Dow gained 103.23 points, Nasdaq gained 162.31 points, the S&P gained 27.49 points.
Total NYSE volume traded, a modest 4.30 billion shares Declining shares outpaced Advancing shares by 1.26:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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