Monday's Market Tear Sheet - Stock Fell Sharply Lower As Investors Worry About More Fed Rate Hikes.
- cashtonsaunders
- Aug 21, 2022
- 2 min read
What is The Premarket Telling Us?
Monday, August 22, 2022 7:10 AM.
US stock futures were shortly lower early in the premarket. Dow futures were down 285 points, Nasdaq futures down 198 points, and S&P futures down 47 points.
On The Bond Desk:
The US 10-Year Bond Yield at 2.989%, up 0.109%.
Currency Desk:
Eurodollar: 1.00
UK Pound: 1.17
Crude Oil:
WTI crude oil futures at $90.64/barrel, up 0.22%.
On the Earnings Calendar:
Zoom will report quarterly earnings after the closing bell this evening.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended their day mixed. Japan (Nikkei 225) down 0.47%, Shanghai up 0.61%, Hong Kong (Hang Seng) down 0.59%.
Major European markets closed lower. German (DAX) lost 2.32%, France CAC 40 down 1.80%, London FTSE 100 down 0.22%.
Market And Sector Dynamics
Today's trading session started sharply lower with the Dow down 397 points, Nasdaq fell 173 points, and S&P lost 53 points. WTI crude oil started the day off at $89.47/barrel, and the US 10 Year bond hovered unchanged at 2.987%. Cruise lines lagged early in the session, as did, as did Amazon, and other bid technology companies. Those companies rallied higher in the last six weeks, bore the brunt of today's selloff.
Investors remained worried about the Fed interest rate hikes and were anticipating the Fed's meeting, and Chairman Jerome Powell's speech in Jackson Hole on Friday.
Not even Berkshire Hathaway/Warren Buffet's reported purchase of additional shares of Occidental Petroleum was able to help markets today.
Today's selloff was broad-based, and market tone was decidedly negative. All eleven S&P sectors ended with losses, led by Consumer Discretionary, Technology, Communication Services, Financials, Real Estate, Industrials, Basic Materials, Healthcare, Utilities, Consumer Staples, and Energy.
Factors Influencing Today's Market
Federal Reserve to hold its annual meeting in Jackson Hole, Montana on Friday.
Warren Buffet buys more shares of Occidental Petroleum in a recent filing.
US 10-Year Bond Yield closed above the three percent mark today at 3.024%, up 1.24%.
WTI crude oil close today at $90.62/barrel, up 1.29%.
Major Asian markets ended mixed, and European markets were lower.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading on Monday, the Dow plunged 643.13 points, Nasdaq sank 323.64 points, S&P dived 90.49 points. Total NYSE volume traded was a light 3.94 billion shares. Declining shares outpaced Advancing shares by 4.82:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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