Thursday's Market Recap - Disappointing Walmart Earnings, And Fear Of Inflation Tanked Stocks.
- Feb 18, 2021
- 2 min read
What is The Premarket Telling Us?
7:00 AM.
Stock futures are all moderately in the red at this hour. Dow futures down 89 points, Nasdaq futures down 103 points, and S&P futures down 15 points. Asian markets closed mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.30%, unchanged.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $61.35/barrel, up 0.34%.
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) down 0.19%, Shanghai up 0.55%, Hong Kong (Hang Seng) down 1.58%.
Major European markets were all lower, German (DAX) down 0.16%, France CAC 40 down 0.65%, London FTSE 100 down 1.40%.
Market And Sector Dynamics
Stocks opened sharply lower, as predicted by the futures. The Dow plunged 210 points, Nasdaq lost 162 points, and the S&P lost 31 points. WTI crude oil got off to a modest start at $61.41/barrel, up 0.49%, and
the US 10 Year hovered at 1.311%.
Stocks traded in comfortably in negative territory for the entirety of today's session, weighed down by a disappointing earnings report from Walmart, rising interest rates, and the fear of Inflation fears, as well as a continued high jobless claims number, reported this morning.
Nine of eleven S&P sectors closed with gains today, led by Energy, Communication Services, Healthcare, Basic Materials, Basic Materials, Financials, Industrials, Technthe USology, Consumer Staples, and Real Estate. Utilities and Consumer Discretionary ended higher.
Factors Influencing Today's Market
Disappointing quarterly earnings results from Walmart weighed negatively on the Dow today.
Rising interest rates on bonds, fuels fear of inflation.
This week's Initial Jobless Claims shows 861K Americans filed new claims for unemployment benefits.
Parties involved in the Game Stop short squeeze frenzy in January testified virtually before the House Committee on Financial Services.
Asain markets ended their session mixed, while European markets were down.
US 10 Year Bond Yield closed today at 1.292%, up 0.79%.
This week's EIA Petroleum Status report shows US crude oil inventories fell/draw 7.3 million barrels vs a draw of 6.6 million barrels in the prior week.
WTI crude oil closed today at $59.71/barrel, down 2.34%.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended moderately lower in today's session. The Dow fell 119.68 points, Nasdaq lost 100.14 points, and the S&P lost 17.36 points. Total NYSE volume traded, a moderate 4.80 billion shares. shares outpaced Declining shares outpaced Advancing shares slightly better than 2.1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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