Thursday's Market Recap - Stock Rally For A Third Straight Day.
- cashtonsaunders
- Mar 17, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, March 17, 2022, 6:41 AM.
US stock futures were mildly lower shortly a little more than two and a half hours before the market opens for trading. Dow futures down 93 points, Nasdaq futures down 58 points, and S&P futures down 15 points. Asian markets close higher in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 2.188%, up 0.028%.
Currency Desk:
Eurodollar: 1.10
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $99.42/barrel, up 4.61%.
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 nicely higher. Japan (Nikkei 225) up 3.46%, Shanghai up 1.40%, Hong Kong (Hang Seng) up 3.46%.
Major European markets were mixed. German (DAX) down 0.36%, France CAC 40 up 0.36%, London FTSE 100 up 1.28%.
Market And Sector Dynamics
Stocks opened the trading session moderately lower. The Dow lost 126 points, Nasdaq lost 80 points, and the S&P lost 14 points. WTI crude oil climbed back over the on hundred dollar level to $101.46/barrel, up 6.76%, and US 10 Year Bond hovered at 2.156%, down 3.2 basis points.
After starting lower today, stocks gradually gained upward momentum during the session to close at the high of the day, as investors seemed to take the Fed's 0.25% rate hike yesterday in good stride.
All eleven S&P sectors ended today in positive territory, led by Energy, Basic Materials, Consumer Discretionary, Healthcare, Real Estate, Industrials, Financials, Communication Services, Technology, Consumer Staples, and Utilities.
Factors Influencing Today's Market
Stocks rally on optimism that yesterday's Fed rate hike would not derail the US economy.
Asian and European markets were mostly higher in their sessions.
This week's Initial Jobless Claims came in a less than expected 214,000 vs 221,000 estimated.
US 10 Year Bond Yield closed at 2.167%, down 1.14%.
WTI crude oil closed today at $103.24/barrel, up a lofty 8.63%.
Market Close Volume Traded And Advance Decline Ratio
One day after the FOMC increased interest rates the markets rallied for a third straight day. The Dow surged 417.66 points, Nasdaq gained 178.23 points, and S&P gained 53.81 points. Total NYSE volume traded was a light modest 4.99 billion shares. Advancing shares outpaced Declining shares by 3.65:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments