Thursday's Market Recap - Stocks End Lower On Fear The Delta Variant Could Dampen Economic Activity.
- cashtonsaunders
- Sep 8, 2021
- 2 min read
What is The Premarket Telling Us?
Thursday September 9th. 2021 7:30 AM.
US stock futures are down again this morning, suggesting a markets will be weak at the open. Dow futures down 78 points, Nasdaq futures down 26 points, and S&P futures down11 points. Asian markets ended mixed, overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.334%, down 0.036%
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $69.71/barrel, up 0.59%.
On the Earnings Calendar:
Lululemon reports strong quarterly results after the bell yesterday even, sending shares of the company soaring higher.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) down 0.57%%, Shanghai up 0.49%, Hong Kong (Hang Seng) down 2.36%
Major European markets ended their day mixed. German (DAX) up 0.08%, France CAC 40 up 0.24%, London FTSE 100 down 1.01%.
Market And Sector Dynamics
Stock opened mixed in today's session, with the Dow shedding 20 points, Nasdaq up 13 points, and the S&P down 2 points. WTI crude oil also opened lower, at $68.07/barrel, down 1.75%, and the US 10 Year Bond Yield held at the1.327% level. Shares of Lululemon (LULU) soared in early trading, after reporting a blowout quarter, after the close of trading yesterday. An hour after the start of trading stocks rallied, with the Dow up 156 points, but a mere hour later the markets legged lower, and fell even lower in the afternoon session, to close at the low of the day.
Markets were mostly searching for direction in today's session. There is uncertainty regarding the negative effects of the Delta variant on economic activity, the positive effects of existing fiscal stimulus has waned, and the prospect of the proposed infrastructure bill appears unlikely in the short term. Recent US reports have shown than consumer confidence has waned. Investors are looking for a new catalyst to go higher.
Eight of the eleven S&P sectors ended with losses in today's session, led by Real Estate, Healthcare, Consumer Staples, Utilities, Industrials, Technology, Communication Services, and Consumer Discretionary. Financials, Energy, and Basic Materials were modestly higher.
Factors Influencing Today's Market
Markets are trading very close to their all time highs, and are looking for a new catalyst to move higher.
US airline count outlook due to effects of Covid-19 Delta variant.
Asian and European markets ended mixed in their sessions.
US 10 Year Bond closed at 1.297%, down 2.90%.
WTI crude oil ended the day at $67.95/barrel, down 1.95%.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the market were down. The Dow lost 151.69 points, Nasdaq down 38.38 points, and the S&P fell 20.79 points. Total NYSE volume traded, a light 3.73 billion shares. Advancing shares and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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