Thursday's Market Recap - A Midday Turnaround Sends All The Major Indexes Higher.
- Mar 24, 2021
- 2 min read
What is The Premarket Telling Us?
8:00 AM.
Stock futures are mostly lower at this hour. Dow futures are down 139 points, Nasdaq futures down 65 points, and S&P futures down 16 points. Asian markets ended their session mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.598%, down 1.61%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $59.09/barrel, down 2.09%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 1.14%, Shanghai fell 0.10%, Hong Kong (Hang Seng) fell 0.07%.
Major European markets closed mixed. German (DAX) up 0.08%, France CAC 40 up 0.09%, London FTSE 100 fell 0.57%.
Market And Sector Dynamics
Markets opened the trading day sharply lower, with the Dow down 139 points, Nasdaq plunged 103 points, and the S&P fell 18 points. WTI crude oil started off at $59.18/barrel, down 3.27%, while the US 10 Year ticked lower at 1.598%, down 1.6 basis points. Markets remained in negative territory for most of the morning session, with the Dow down 340 points, at the low of the session, around 11:00 AM. Markets turned around a short while later, and soared back into positive territory, remained there for the rest of the session, before ticking higher into the close.
In today's session, nine of the eleven S&P sectors ended the day with gains, led by Financials, Industrials, Basic Materials, Utilities, Consumer Staples, Real Estate, Consumer Discretionary, Healthcare, and Energy.
Communication Services and Technology ended the day modestly lower.
Factors Influencing Today's Market
This week's Initial Jobless Claims report shows 684K Americans filed new claims for unemployment benefits, and less than the 730K expected.
The third read on Fourth Quarter GDP grew by 4.3% vs 4.1% estimated.
The US 10 Year Bond after starting the day lower, closed today at 1.633$, up 1.21%.
WTI crude oil ended the day at $58.78/barrel, down 3.92%.
Market Close Volume Traded And Advance Decline Ratio
Following a major intraday turnaround, stocks ended higher in today's session. The Dow gained 199.42 points, Nasdaq gained 15.79 points, and the S&P gained 20.38 points. Total NYSE volume traded, a modest 5.00 billion shares. Advancing shares outpaced Declining shares by 1.88:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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