Thursday's Market Recap - Dow Falls But Nasdaq And S&P Add Gains.
- cashtonsaunders
- Nov 5, 2021
- 2 min read
What is The Premarket Telling Us?
Thursday November 4, 2021 at 7:45 AM.
Stock index futures were modestly mixed early in the premarket. Dow futures down 5 points, Nasdaq futures up 62 points, and S&P futures up 7 points. Asian markets ended positive while we slept.
On The Bond Desk:
The US 10 Year Bond Yield at 1.565%, down 0.014%.
Currency Desk:
Eurodollar: 1.15
UK Pound: 1.35
Crude Oil:
WTI crude oil futures at $83.24/barrel, up 2.94%.
On the Earnings Calendar:
Chipmaker Qorvo (QRVO) beat earnings and revenue expectation, but guided lower for the holiday quarter citing supply chain problems. Shares tumbled as a result. Uber, and Square reports third quarter earning results after the closing bell today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were higher overnight. Japan (Nikkei 225) up 0.93%, Shanghai up 0.81%, Hong Kong (Hang Seng) up 0.81%.
Major European markets also closed higher. German (DAX) 0.44%, France CAC 40 up 0.53%, London FTSE 100 up 0.43%.
Market And Sector Dynamics
Markets were mixed at the open. The Dow opened down 32 points, Nasdaq up 60 points, and the S&P was up 9 points. WTI crude oil opened higher at $83.09/barrel, up 2.76%, and the US 10 Year Bond Yield ticked down 1 bps to 1.561%.
The Dow traded in negative territory for the entire trading session, as supply chain issues dominated market news. Chipmaker, Qorvo reported after the closing bell yesterday. The company beat earnings and revenues but guided lower for the current quarter, citing supply chain problems. Shares of the company tanked in today's trading, and closed down 13%.
The trading session was balanced, with six of the eleven S&P sectors closing the day with gains, led by Technology, Consumer Discretionary, Industrials, Communication Services, Consumer Staples, and Energy. Financials, Real Estate, Healthcare, Utilities, and Basic Materials.
Factors Influencing Today's Market
Asian and European markets ended higher in their respective sessions.
US 10 Year Bond Yield closed at 1.530%, down 4.60%.
WTI crude oil ended the day at $79.61/barrel, down 1.55%, after OPEC and other oil producing countries agreed to increase oil output by 400,000 barrels/day.
This week's Initial Jobless Claims showed 269,000 Americans filed for new unemployment benefits vs 277,000 estimated, and 283,000 last week.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended the day mixed today. The Dow fell 33.35 points, Nasdaq gained 128.72 points, and the S&P gained 19.49 points. Total NYSE volume traded, a light 4.47 billion shares. Declining shares outpaced Advancing shares by 1.24:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comentários