Thursday's Market Recap - Late Day Stock Rally Ahead Of Tomorrow's Labor Report.
- cashtonsaunders
- Sep 1, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, September 1, 2022 7:10 AM.
Stock futures were mostly lower early. The Dow was down 177 points, Nasdaq down 97 points, and S&P down 24 points. Asian markets traded lower in their session.
On The Bond Desk:
The US 10-Year Bond Yield at 3.133%, up 0.023%
Currency Desk:
Eurodollar: 1.00
UK Pound: 1.15
Crude Oil:
WTI crude oil futures at $87.33/barrel, down 2.48%.
On the Earnings Calendar:
Chipmaker, Broadcom reports quarterly earnings after the close of trading today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended lower. Japan (Nikkei 225) down 1.53%, Shanghai down 0.54%, Hong Kong (Hang Seng) down 1.79%.
Major European markets closed lower. German (DAX) down 1.60%, France CAC 40 down 1.48%, London FTSE 100 down 1.86%.
Market And Sector Dynamics
US markets opened decidedly lower with the Dow down 143 points, Nasdaq down 124 points, and the S&P down 26 points. WTI crude oil opened lower at $89.23/barrel, down 0.36%, and the US 10 Year bond hovered at 3.198%, up 0.002%.
Markets traded below neutral for most of the session, before staging a steep rally a few minutes before the close of trading. Investors were laser focused on Friday''s employment report, and how the Fed will respond to that data. WTI crude oil has declined during the last few days, but bond yields has been on a steady march higher. The 10 Year Bond has been hovering around the 3.2%, and the 2 year Bond near near 3.5%. With the yields inverted, signaling a recession, investors remain cautious about bidding up equity markets.
Market tone was negative for most of the session, before becoming less so, towards the end of the session. Eight of eleven S&P sectors ended the day with gains, led by Healthcare, Utilities, Communication Services, Consumer Discretionary, Consumer Staples, Financials, Real Estate, and Industrials.
Factors Influencing Today's Market
Major Asian and European markets traded lower today.
US 10-Year Bond Yield closed today at 3.263%, up 2.08%.
WTI crude oil closed at $86.85 down 3.02%
This week's Initial Jobless Claims showed 232.000 new claims for unemployment benefits, 14,000 less than the 246,000 expected.
The final read of August PMI Manufacturing Index came in at 51.5 vs 51.3 estimates.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, stocks were mixed, the Dow was up 145.99 points, Nasdaq fell 31.08 points, and the S&P added 11.85 points. Total NYSE volume traded was a light 4.15 billion shares. Advancing shares outpaced Declining shares by 2.42:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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