Monday's Market Recap - US Stocks Plunged Again In Today's Session.
- cashtonsaunders
- Sep 27, 2022
- 2 min read
What is The Premarket Telling Us?
Monday, September 26, 2022, 6.21 AM.
US stock futures were solidly lower, three hours before the official start of trading. Dow futures were down 230 points, Nasdaq was down 56 points, and S&P down 29 points. Major Asian markets were all lower.
On The Bond Desk:
The US 10-Year Bond Yield was at 3.697%, down 0.011%.
Currency Desk:
Eurodollar: 0.96
UK Pound: 1.07
Crude Oil:
WTI crude oil futures at $78.25/barrel, down 0.62%.
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 lower. Japan (Nikkei 225) 2.66%, Shanghai down 1.20%, Hong Kong (Hang Seng) down 0.26%.
Major European markets closed modestly higher. German (DAX) down 0.46%, France CAC 40 down 0.24%, London FTSE 100 up 0.03%.
Market And Sector Dynamics
Markets opened today's session mixed with the Dow down 128 points, Nasdaq up 70 points, and the S&P down 2 points. WTI crude oil opened trading at $79.56/barrel, a penny above its prior close, and the US 10 Year Bond was at 3.734%, down 0.005%.
Markets hung out just below the flat line for most of the morning session but gradually turned lower once US bond yields began to tick higher, hitting an intraday high of 3.928%, the highest level since 2010. In the UK the Pound has fallen significantly and is approaching parity with the US dollar, a position that the European Common currency has already breached. At the low of the session today the Dow was down 420 points around 1:30 PM.
Ten of the eleven S&P sectors closed lower in today's trading, led by Real Estate, Energy, Utilities, Financials, Basic Materials, Communication Services, Industrials, Healthcare, Technology, and Consumer Discretionary. Consumer Staples was slightly higher.
Factors Influencing Today's Market
The British Pound like the Euro has come under immense pressure due to the rise in US interest rates.
US 10-Year Bond closed today at 3.928%, up 5.28%.
WTI crude oil price closed at $76.56/barrel, down 3.76%.
Asian markets ended their session lower, while the European markets were mixed.
Market Close Volume Traded And Advance Decline Ratio
US market went south again today, moving further into bear market territory. When the markets closed the Dow was down 329.60 points, Nasdaq lost 65 points, and the S&P lost 38.19 points. Total NYSE volume traded was a modest 4.87 billion shares. Declining shares outpaced Advancing shares by 4.75:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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