Thursday's Market Recap - Inflation Fears Weighed On Markets In Today's Session.
- cashtonsaunders
- Jul 14, 2021
- 2 min read
What is The Premarket Telling Us?
July 15, 2021 6:52 AM.
Stock futures are mostly mixed to flat at this hour, with Dow down 141points, Nasdaq up 9 points, and the S&P futures down 12 points. Asian markets mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.35%, up 0.06%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $71.94/barrel, down 1.63%.
On the Earnings Calendar:
Bank earnings continued this morning, with Morgan Stanley reporting strong quarterly results before the opening bell.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed in their sessions. Japan (Nikkei 225) down 1.15%, Shanghai rose 1.02%, Hong Kong (Hang Seng) up 0.71%.
Major European markets ended lower. German (DAX) lost 1.01%, France CAC 40 down 0.99%, London FTSE 100 declined 1.12%.
Market And Sector Dynamics
Stocks opened moderately lower in today's session. The Dow lost 110 points, Nasdaq lost 27 points, and the S&P fell 9 points. WTI crude also fell to $72.11/barrel, down 1.37%, and the US 10Year Bond hovered at 1.319%. Bank earnings continued today with Morgan Stanley reporting strong quarterly earnings, before the opening bell this morning.
The Dow was down 155 points, fifteen minutes after the open, the intraday low. The industrial index recovered a short while later and returned to positive territory, and remained there for most of the rest of the trading session.
As the 10 Year Bond Yield falls, investors continued to focus on the fear of inflation, and its potential impact on economic growth, as Fed Chair Jerome Powell, testified on Capitol Hill for the second day, this time before the Senate.
Today was another balances trading session, with six of the eleven S&P sectors ending in the green, led by Utilities, Consumer Staples, Financials, Industrials, Real Estate, and Basic Materials. Energy, Technology, Consumer Discretionary, Communication Services, and Healthcare ended in the red.
Factors Influencing Today's Market
Fed Chair Jerome Powell testified virtually before the Senate Banking Committee this morning.
Strong quarterly earnings from Morgan Stanley before the opening bell this morning.
This week's Initial Jobless Claims fell to 360,000 vs 368,000 estimated.
US 10 Year Bond Yield closed at 1.301%, down 3.60%.
WTI crude oil closed today at $71.47/barrel, down 2.27%.
Market Close Volume Traded And Advance Decline Ratio
Markets ended another mixed lackluster session today with the Dow gaining 53.79 points, Nasdaq lost 101.82 points, and the S&P fell 14.27 points.
Total NYSE volume traded, a light 3.91 billion shares. Declining shares outpaced Advancing shares by 1.57:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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