Thursday's Market Recap - Russia Ukraine Uncertainty And Inflation Fear Send Stocks Lower.
- cashtonsaunders
- Mar 4, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, March 3, 2022, at 7:15 AM.
US stock futures were mildly negative early in the premarket session. Dow futures were down11 points, Nasdaq futures down 31 points, and S&P futures down 4 points. Asian markets ended mixed in their session, overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.865%, up 0.158%.
Currency Desk:
Eurodollar: 1.10
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $112.25/barrel, up 1.49%.
On the Earnings Calendar:
Snowflake quarterly results disappointed investors. The company's revenue growth appears to be slowing. Shares sold off hard.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) up 0.70%, Shanghai down 0.09%, Hong Kong (Hang Seng) up 0.09%.
Major European markets fell today. German (DAX) lost 2.16%, France CAC 40 fell 1.84%, London FTSE 100 lost 2.57%.
Market And Sector Dynamics
Stocks opened higher today, with the Dow up 227 points, Nasdaq gained 60 points, and S&P gained 23 points. WTI crude oil slipped lower to $110.12/barrel, down 0.48%, and the US 10 Year was up 1 basis point, to 1.875%.
Markets spent most of the morning trying to find direction. Shortly after the open, the Dow was up as much as 270 points, and shortly after 11:00 AM, the Dow was down 250 points, before returning to positive territory midpoint throughout the afternoon session, when the Dow was up160 points.
Markets failed to hold on to the afternoon gains and ended the session lower, leaving investors confused about where the markets were heading.
Seven of the eleven S&P sectors ended the session with gains, led by Utilities, Real Estate, Consumer Staples, Healthcare, Energy, Basic Materials, and Industrials. Consumer Discretionary, Technology, Communication Services, and Financials ended with losses.
Factors Influencing Today's Market
Russian and Ukraine officials held talks at the Belarus border again today, with no breakthrough reported.
Fed Chair, Jerome Powell testified on Capitol Hill again today, this time before the Senate Finance Committee.
US 10 Year Bond Yield closed today at 1.856%, down 1.19%.
Last week's Jobless Claims Report showed 215,000 Americans filed new unemployment claims, slightly less than the 232,000 estimated.
WTI crude closed slightly lower today, $109.25/barrel, down 1.22%.
Market Close Volume Traded And Advance Decline Ratio
US stocks sold off today as the uncertainty around Russia and Ukraine continues, sending crude oil prices soaring as a result, and US investors fear the threat of inflation. The Dow fell 96.69 points, Nasdaq fell 214.08 points, and S&P fell 23.05 points. Total NYSE volume traded a modest 5.06 billion shares. Declining shares outpaced Advancing shares by 1.39:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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