Monday's Market Tear Sheet - Stocks Faded A Strong Morning Rally To End Mixed.

cashtonsaunders
Aug 9, 2022
2 min read

What is The Premarket Telling Us?

Monday, July 8, AM.

US stock futures were modestly in the green. Dow futures up 88 points, Nasdaq futures up 54 points, and S&P futures up 12 points. Asian markets ended mixed in their session overnight.

On The Bond Desk:

The US 10-Year Bond Yield at 2.840%, up 0.164%

Currency Desk:

Eurodollar: 1.01

UK Pound: 1.20

Crude Oil:

WTI crude oil futures at $61.23/barrel, down 1.46%.

On the Earnings Calendar:

None to report

In M&A News:

Whirlpool to buy Insinkerator for $3 Billion.

What About The Asian And European Markets?

Major Asian markets ended mixed Japan (Nikkei 225) up 0.26%, Shanghai up0.31%, Hong Kong (Hang Seng) down 0.77%.

Major European markets closed comfortably higher today. German (DAX) up 0.84%, France CAC 40 up 0.80%, London FTSE 100 up 0.57%.

Market And Sector Dynamics

Markets opened today's session with the Dow up 155 points, Nasdaq up 38 points, and S&P gained 17 points. WTI crude oil started the trading day at $88.06/barrel, up 0.950%, and the US 10 Year Bond Yield got off to a higher start at 2.847%, up 0.02%. The following events moved market sentiment today: The FAA has finally granted approval for Boeing to begin the release of its Boeing 787 Dreamliners to their customers. A major merger was also announced today with Whirlpool announcing plans to buy Insinkerator, a division of Emerson Electric for $3 Billion.

At the high today, the Dow was up more than 300 points shortly after trading began, but reversed course a few hours later after chipmaker, Nvidia preannounced that its second quarter earnings would miss analyst expectations. The Dow fell below the flat line in the early afternoon and remained at that level for most of the remaining session. The index returned to positive territory shortly before the close of trading.

Seven of the eleven S&P sectors ended today's session higher, led by, Real Estate, Basic Materials, Energy, Communication Services, Consumer Discretionary, Healthcare, and Utilities. Technology, Financials, Industrials, and Consumer Staples.

Factors Influencing Today's Market

The Biden Administration and the Democrats passed the Inflation Reduction Bill.
Boeing has gotten the approval of the FAA (Federal Aviation Authority) to release its 787 Dreamliner Aircraft to its customers.
Whirlpool is buying Insinkerator from Emerson Electric for $3 Billion.
US 10 Year Bond Yield ended the day at 2.752%, down 2.85%.
WTI crude oil close today at $88.06/barrel, up 2.65%.
Asian markets were mixed and European markets were higher.

Market Close Volume Traded And Advance Decline Ratio

At the end of trading today, the Dow gained 29.07 points, Nasdaq lost 13.10 points, and the S&P fell 5.13 points. Total NYSE volume traded was a modest 4.24 billion shares. Advancing shares outpaced Declining shares by 2:1.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.