Monday's Market Tear Sheet - Stocks Down In Another Fed Driven Selloff.
- cashtonsaunders
- Aug 29, 2022
- 2 min read
What is The Premarket Telling Us?
Monday, August 29, 2022 7:17 AM.
Stock futures were sharply lower more than two hours before the official start of trading. Dow futures were down 282 points, Nasdaq down 159 points, and the S&P down 41 points. Asian markets ended their session mixed, while we slept.
On The Bond Desk:
The US 10-Year Bond Yield at 3.03%, up mildly.
Currency Desk:
Eurodollar: 1.00
UK Pound: 1.16
Crude Oil:
WTI crude oil futures at $93.56/barrel, up 0.54%.
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) was down 2.66%, Shanghai up 0.14%, Hong Kong (Hang Seng) down 0.73%.
Major European markets were all lower. German (DAX) down 0.61%, France CAC 40 down 0.83%, London FTSE 100 down 0.70%.
Market And Sector Dynamics
US stock markets opened today's session convincingly lower, extending Friday's massive selloff. The Dow fell 223 points, Nasdaq lost 121 points, and the S&P fell 31 points. At the low, during the morning session, the Dow was down around 310 points but rebounded from that low during the afternoon and even ticked onto positive territory, briefly on two occasions during that period.
Investors remained jittery after Friday's devastating selloff, following Fed Chairman, Jerome Powell's remarks in Jackson Hole. Many investors fear that in its zeal to control or tame inflation, the Fed could continue these aggressive rate hikes which could tip the US economy into a recession.
Stocks took another leg down today, following Friday's losses. Nine of the eleven S&P sectors ended the session with losses, led by Technology, Real Estate, Communication Services, Financials, Healthcare, Basic Materials, Consumer Discretionary, Industrials, and Consumer Staples. Energy and Utilities ended with gains.
Factors Influencing Today's Market
Markets remained unsettled following Friday's Fed-induced selloff.
US 10 Year Bond closed today at 3.114%, up 1.40%.
WTI crude oil price closed at $96.83/barrel, up 4.19%.
US 10 Year Bond closed at 3.116%, up 1.40%.
Market Close Volume Traded And Advance Decline Ratio
US stocks ended moderately lower on Monday with the Dow down 184.41 points, Nasdaq fell 124.04 points, and the S&P lost 27.05 points. Total NYSE volume traded was a light 3.45 billion shares. Declining shares outpaced Advancing shares by nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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