Thursday's Market Recap - Stocks Sold Off Today After A Very Strong Unemployment Report.
- cashtonsaunders
- Mar 31, 2022
- 2 min read
Updated: Apr 3, 2022
What is The Premarket Telling Us?
Thursday, March 31, 2022, 7:15 AM.
US stock futures were mostly unchanged at this hour in the premarket. Dow futures down 29 points, Nasdaq futures up 38 points, and S&P futures down 0.50 point. Major Asian markets ended lower in their sessions overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.358%, down 0.0420%.
Currency Desk:
Eurodollar:1.10
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $101.50/barrel, down 5.86%.
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 lower. Japan (Nikkei 225) down 0.73%, Shanghai fell 0.44%, Hong Kong (Hang Seng) down 1.06%.
Major European markets ended lower. German (DAX) down 1.31%, France CAC 40 down 1.21%, London FTSE 100 down 0.83%.
Market And Sector Dynamics
Markets opened modestly lower. The Dow lost 74 points, Nasdaq was up 3 points, and the S&P down 3 points. WTI crude oil started the day off at 107.45/barrel, up fractionally from yesterday's close. The US 10 Year Bond down 0.013%.
Stocks hovered just below the flat line for most of the session, before diving precipitously lower in the last few minutes before the closing bell. The recession debate dominated markets today, as the yield on the 10 Year Bond and that of the 2 Year Bond inverted, which has been a reliable predictor of an impending recession in the medium term. Market bias today was definitely on the negative side.
All eleven S&P sectors ended today's session with losses, led by Financials, Communication Services, Consumer Discretionary, Technology, Industrials, Energy, Basic Materials, Healthcare, Real Estate, Consumer Staples, and Utilities.
Factors Influencing Today's Market
Major Asian and European markets ended with losses in today's session.
US 10 Year Bond Yield closed today at 2.345%, down 0.54.
WTI crude oil price closed at $100.28/barrel, down 6.99%.
This week's US Jobless Claims report showed 202,000 new claims for unemployment benefits, compared to 212,000 the prior week.
Market Close Volume Traded And Advance Decline Ratio
US markets sold off aggressively today following yesterday's modest selloff. The Dow sank 550.46 points, Nasdaq dived 221.76 points, and S&P lost 72.04 points. Total NYSE volume traded was a modest 4.87 billion shares. Declining shares outpaced Advancing shares by 1.51:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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