Thursday's Market Recap - Dow Down In Mixed Session As Initial Jobless Claims Surge Higher.
- Feb 11, 2021
- 2 min read
What is The Premarket Telling Us?
7:15 AM.
US stock futures are modestly higher two and a half hours before the start of trading. Dow futures are up 78 points, Nasdaq futures were up 58 points, and S&P futures up 12 points. Asian market closed their session higher.
On The Bond Desk:
The US 10 Year Bond Yield at 1.13%, down 0.03%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $58.33/barrel, down 0.50%.
On the Earnings Calendar:
None to report.
In M&A News:
Bumble, (BMBL) an all-women managed dating platform goes public today via SPAC.
What About The Asian And European Markets?
Major Asian markets ended Japan (Nikkei 225) up 0.19%, Shanghai up 1.43%, Hong Kong (Hang Seng) up 0.45%.
Major European markets were mixed in their session. German (DAX) up 0.77%, France CAC 40 down 0.02%, London FTSE 100 up 0.07%.
Market And Sector Dynamics
US stock opened modestly higher, with the Dow up 33 points, Nasdaq gained 79 points, and S&P added 10 points. WTI crude oil was off down at $58.60/barrel, down 0.15%, while the US 10 Year held at 1.147%.
This week's Initial Jobless Claims report is still abnormally elevated and came in slightly more than expected at 793,000 vs 760,000 claims estimated,
Despite opening modestly higher stocks turned permanently lower an hour before noon, and remained below the flat line for the rest of the session. At the low of the day, the Dow was down 180 points, shortly before 1:00 PM, but rallied from there during the rest of the session, and into the close.
In today's modest selloff, seven of the eleven S&P sectors closed with mild losses, led by Energy, Utilities, Consumer Staples, Consumer Discretionary, Financials, Industrials, Real Estate, and Communication Services.
Factors Influencing Today's Market
This week's Initial Jobless Claims showed 793K new claims for first-time unemployment benefits, more than the 760K estimated.
Bumble the new all-female dating platform went public today via a special purpose acquisition company (SPAC).
Asian and European markets were mostly higher in their sessions.
US 10 Year Bond Yield closed at 1.165%, up 3.61%.
WTI crude oil closed today at $58.24/barrel, down 0.75%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the Dow fell 7.10 points, Nasdaq gained 53.24 points, and the S&P added 6.50 points. Total NYSE volume traded, a moderate 4.63 billion shares. Declining shares outpaced Advancing shares by 1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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