Thursday's Market Recap - Dow Down On Weak US Economic Data And Fear Covid-19 Spread.
- cashtonsaunders
- Sep 15, 2021
- 2 min read
What is The Premarket Telling Us?
September 16, 2021 7:35 AM.
Stock equity futures trended down in the premarket, indicating a weak or flat market at the open. Dow futures were down 9 points, Nasdaq futures down 29 points, and S&P futures were down 4 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.343%, up .039%.
Currency Desk:
Eurodollar: 1.17
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $72.42/barrel, down 0.26%.
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 with losses. Japan (Nikkei 225) was down 0.62%, Shanghai lost 1.34%, Hong Kong (Hang Seng) fell 1.46%.
Major European markets closed modestly higher. German (DAX) up 0.23%, France CAC 40 up 0.59%, London FTSE 100 added 0.16%.
Market And Sector Dynamics
The markets open today's session mixed. The Dow was up 61 points, Nasdaq was down 48 points, and the S&P was down 4 points. Crude oil is mildly lower, at $72.41/barrel, down 0.28%, while the US 10 Year Bond tick higher to 1.341% up 3.76 basis points.
While recent US data, such as consumer confidence, and yesterday CPI has shown a modest weakening of economic activity, today's August retail sales report was surprisingly stronger than expected, indicating retail spending has been holding up quite well.
Stock fell to the low of the day shortly after the open with the Dow down 265 points shortly before 11:00 AM., but gradually recovered during the rest of the session, turning positive briefly, a few minutes before the close.
Eight of the eleven S&P sectors ended today session with losses, led by Basic Materials, Energy, Utilities, Industrials, Consumer Staples, Healthcare, Financials, and Communication Services. Utilities, Consumer Discretionary, and Technology ended higher.
Factors Influencing Today's Market
August Retail Sales rose a surprising 0.7% vs -0.8% estimated.
Fear that Covid-19 could derail economic activity.
US 10 Year Bond Yield closed today at 1.336%, up 2.47%.
WTI crude oil ended the day at $72.58/barrel, down 0.04%.
Asian markets ended with losses, but European markets ended higher.
This week's BLS report show 332,000 American filed for initial unemployment benefits.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mixed. The Dow fell 63.07 points, Nasdaq gained 20.39 points, and the S&P fell 6.95 points. Total NYSE volume traded, a light 4.01 billion shares. Declining shares outpaced Advancing shares by 1.17:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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