Monday's Market Tear Sheet - Stock Rally Fades After On News Apple Would Reduce Hiring Pace.
- cashtonsaunders
- Jul 18, 2022
- 2 min read
What is The Premarket Telling Us?
Monday, July 18, 2022.
An early glance at US stock futures indicated stock would open higher. Dow futures were up 308 points, Nasdaq futures up 145 points. and the S&P up 40 points. Major Asian markets traded higher, overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.930%, down 0.03%
Currency Desk:
Eurodollar: 1.0149
UK Pound: 1.1972
Crude Oil:
WTI crude oil futures at $99.51/barrel, up 1.97%.
On the Earnings Calendar:
Goldman Sachs and Bank of America reported better than expected second-quarter earnings results.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended higher Japan (Nikkei 225) up 0.54%, Shanghai up 1.55%, Hong Kong (Hang Seng) up 2.70 %.
Major European markets were higher today. German (DAX) gained 0.74%, France CAC 40 gained 0.93%, London FTSE 100 gained 0.90%.
Market And Sector Dynamics
Markets opened today's session with solid gains, with the Dow up 273 points, Nasdaq up 109 points and the S&P 21 points. Better than expected earnings results from Goldman Sachs, and Bank of America lent positive sentiment to the market early. Crude oil and the US !0 Year Bond Yield moved higher during today's session as well.
A report from Bloomberg late in the afternoon indicated the iPhone giant Apple intended to cool the pace of its hiring. That report sent stocks lower, into the close of trading. Seven of the eleven S&P sectors ended the session with losses, led by Healthcare, Utilities, Communication Services, Real Estate, Technology, Consumer Staples, Industrials, and Financials. Energy, Consumer Discretionary, and Basic Materials ended higher.
Factors Influencing Today's Market
After a strong start, US stocks reversed direction after a news report that Apple would begin to moderate the pace of hiring.
Better than expected quarterly earnings from Goldman Sachs, and Bank of America.
Asian and European markets ended with gains.
US 10 Year Bond Yield finished higher at 2.989%, up 2.09%.
WTI Crude oil also finished higher at $99.42/barrel, up 1.88%.
Market Close Volume Traded And Advance Decline Ratio
Fading a strong rally intraday, markets turned lower at the close. The Dow lost 215.65 points, Nasdaq lost 92.37 points, and S&P fell 32.31 points. Total NYSE volume traded was a light 4.04 billion shares. Advancing shares outpaced Declining shares by 1.12:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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