Thursday's Market Recap - Failed Ukraine Russia Ceasefire Talks Roiled Markets In Today's Session.
- cashtonsaunders
- Mar 10, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, March 10, 2022, 7:45 AM
US stock futures trended lower in premarket trading. Dow futures fell 286 points, Nasdaq down 168 points, and S&P down 36 points. Major Asian markets traded higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.948%, up 0.0760%.
Currency Desk:
Eurodollar: 1.10
Russian Ruble: 117
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $113.08/barrel, up 4.03%.
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 higher overnight. Japan (Nikkei 225) up 3.94%, Shanghai up 0.08%, Hong Kong (Hang Seng) up 1.27%.
Major European markets closed lower in their sessions. German (DAX) down 2.93%, France CAC 40 2.83%, London FTSE 100 down 1.27%.
Market And Sector Dynamics
Stocks got off to a negative start today. The Dow was down 357 points, Nasdaq down 163 points, and the S&P down43 points. Crude oil which has been on a tear, induced by the Russian Ukraine war, also go off to a solid start, up 3.86% to $112.90/barrel. US 10 Year Bond Yield ticked higher by 3.5 basis points, to 1.983%. Further fueling inflation fears, February Consumer Price Index (CPI) came in hotter than expected at 0.8% vs 0.6% in January, and 7.9% Year over Year. Last week, initial jobless claims increased 227,000 vs 218,000 estimated, confirming the labor market remains healthy.
Shares of Amazon outperformed in the session, after the company announced a 20:1 stock split and a modest $10 billion stock buyback, after the close of trading yesterday. Shares of the company ended up $151 or 5.41% higher at the closed.
Markets traded firmly in negative territory today. Intraday, the Dow was down nearly 500 points, shortly before noon, before it steadily rose during the afternoon session.
Six of the eleven S&P sectors ended with losses in today's session, led by Technology, Consumer Staples, Financials, Communication Services, Industrials, and Healthcare. Energy, Consumer Discretionary, Utilities, Real Estate, and Basic Materials ended with gains.
Factors Influencing Today's Market
Stocks pulled back in today's trading after ceasefire talks between Ukraine and Russia failed.
US 10 Year Bond Yield closed at 1.990%, up 1.97%.
WTI crude oil closed at $107.30/barrel, down 1.29%.
February Consumer Price Index (CPI) rose 0.8% vs 0.6% which was estimated, and 7.9% Year over Year.
Last week's Initial Jobless Claims came in a higher than expected 227,000 vs 218,000 expected.
Market Close Volume Traded And Advance Decline Ratio
Following yesterday's massive rally, markets ended modestly lower in today's session. The Dow fell 112.18 points, Nasdaq lost 125.58 points, and S&P down 18.36 points. Total NYSE volume traded a modest 4.93 billion shares. Declining shares outpaced Advancing shares by 1.42:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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