Thursday's Market Recap - Facebook And Other High-Growth Stocks Left Markets Deeply Depressed Today.
- cashtonsaunders
- Feb 3, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, February 3, 2022. 7:11 AM.
US stock futures were lower at the outset this morning. Dow futures down 88 points, Nasdaq futures down 336, and S&P futures down 50 points. A disappointing quarterly report for Facebook weighed heavily on markets, early. Asian markets ended mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.766%, down 0.034%.
Currency Desk:
Eurodollar: 1.14
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $87.09/barrel, down 1.33%.
On the Earnings Calendar:
Amazon, Snap, Ford report quarterly earnings after the close of trading this evening.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) down 1.06%, Shanghai down 0.97%, Hong Kong (Hang Seng) up 1.07%
Major European markets were decidedly lower. German (DAX) down 1.57%, France CAC 40 down 1.54%, London FTSE 100 down 0.71%.
Market And Sector Dynamics
Stocks opened convincingly lower this morning. The Dow was down 112 points, Nasdaq tanked 365 points, and S&P fell 67 points. WTI crude oil started the day at $87.66/barrel, down 0.68%, and the US 10 Year Bond Yield ticked up 7 basis points, to 1.836%. Markets were under extreme pressure today after an unusually disappointing earnings report from Facebook, after the bell yesterday.
Shares of most high growth, high technology stocks sank in sympathy during the session, keeping the three major indexes well into negative territory for the entire day.
Ten of the eleven S&P sectors fell in today's session, led by Communication Services, Consumer Discretionary, Technology, Basic Materials, Industrials, Financials, Real Estate, Energy, and Utilities. Consumer Staples was slightly better than unchanged.
Factors Influencing Today's Market
A disappointing earnings report from Facebook kept downward pressure on markets today.
Asian markets were mixed and European markets were lower today.
Last week's Initial Jobless Claims showed 238,000 new claims for unemployment benefits vs 250,000 expected.
US 10 Year Bond Yield ticked up today to close at 1.836%, up 3.64%.
WTI crude oil price closed today at $87.61/barrel, up 2.28%.
Market Close Volume Traded And Advance Decline Ratio
Market tumble today under pressure from Facebook, and other high-growth technology companies. The Dow plunged 518.17 points, Nasdaq dived 538.73 points, and S&P fell 111.94 points. Total NYSE volume traded, a modest 4.29 billion shares. Declining shares outpaced Advancing shares by 4.42:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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