Thursday's Market Recap - Stocks Tanked After Yesterday's FOMC Inspired Rally.
- cashtonsaunders
- May 5, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, May 5, 2022, 7:00 AM.
US stock futures were moderately lower in the premarket session. Dow futures down 159 points, Nasdaq futures down 108 points, and S&P futures up 27 points. Asian markets were mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 2.917%, down 0.0430%
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at 107.93/barrel, up 0.11%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed overnight. Japan (Nikkei 225) closed, Shanghai up 0.68%, Hong Kong (Hang Seng) down 0.36%.
Major European markets ended their sessions mixed. German (DAX) down 0.49%, France CAC 40 down 0.43%, London FTSE 100 up 0.13%.
Market And Sector Dynamics
Markets were down moderately at the start of trading. The Dow lost 302 points, Nasdaq down 217 points, and the S&P down 50 points. WTI crude oil jumped 2.89%, to $110.70/barrel, and the US 10 Year Bond Yield climbed 8.6%, to 3.003%.
At the intraday low the Dow was down 1232 points, around noon. Markets remained under pressure for the entire session, as investors tried to digest yesterday's fifty basis points rate hike, which sent stocks rocketing nearly 1000 points higher. In today's session, markets gave all of that back and then some.
All eleven S&P sectors ended deep in negative territory today, led by Consumer Discretionary, Technology, Communication Services, Basic Materials, Financials, Industrials, Real Estate, Healthcare, Consumer Staples, Energy, and Utilities.
Factors Influencing Today's Market
Investors sent stocks plunging today after yesterday's strong rally, as uncertainty continues after a fifty basis point rate hike.
This week's Initial Jobless Claims wasmore than expected, at 200,000 vs 178,000 consensus estimate.
The US 10 Year Bond Yield closed at 3.052%, up 3.60%.
WTI crude oil closed today at $108.72/barrel, up 0.84%.
Market Close Volume Traded And Advance Decline Ratio
Stocks plunged in today's trading sending the Dow down 1063.09 points, Nasdaq plunged 647.16 points (nearly 5%), and the S&P down 153.30 points. Total NYSE volume traded was a modest 5.06 billion shares. Declining shares outpaced Advancing shares by 7.43:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comentários