Thursday's Market Recap - The Bears Went On The Rampage In Today's Session
- Feb 25, 2021
- 2 min read
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately lower at this hour. Dow futures were up 19 points, Nasdaq down 100 points, and the S&P futures down 8 points. Asian markets ended with moderate gains overnight. As has been the case for the last month or so, investors are focused on the persistent rise in interest rates, and the fear of runaway inflation.
On The Bond Desk:
The US 10 Year Bond Yield at 1.39%, up 0.03%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $63.26/barrel, up 0.06%.
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 with gains. Japan (Nikkei 225) up 1.67%, Shanghai up 0.59 %, Hong Kong (Hang Seng) up 1.36%.
Major European markets were lower. German (DAX) down 0.69%, France CAC 40 down 0.24%, London FTSE 100 down 0.11%.
Market And Sector Dynamics
Markets opened the session mixed, with Dow down 456 points, Nasdaq up113 points, S&P up 42 points.
Markets started off quite jittery this morning, as investors worry about rising interest rates, and began selling off shares of high-flying technology, and consumer discretionary. Stocks sold off hard, throughout the session.
In today's selloff, all eleven S&P sectors ended the session with significant losses, led by Consumer Discretionary, Technology, Communication Services, Basic Materials, Energy, Industrials, Financials, Real Estate, Consumer Staples, and Healthcare.
Factors Influencing Today's Market
US 10 Year Bond Yield closed today at 1.530%, up 11.52%, stoking inflation fears.
Fourth Quarter GDP came in at 4.1% as estimated.
Asian markets ended mostly higher in their session.
WTI crude oil closed the day at $63.53/barrel, up 0.49%.
This week's Jobless Claims report shows 731K Americans filed for new unemployment claims vs 841K expected. While less than expected that number is still exceptionally high.
Market Close Volume Traded And Advance Decline Ratio
The bears were firmly in charge of the markets today, sending the Dow plunging 559.85 points, Nasdaq sinking 478.54 points, and the S&P down 96.09 points. Total NYSE volume traded, a heavy 6.56 billion shares. Declining shares outpaced Advancing by a staggering 6.74:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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