Thursday's Market Recap - US Stocks Gave Back All Of Yesterday's Gains To End Lower.
- cashtonsaunders
- Sep 29, 2022
- 2 min read
Updated: Sep 30, 2022
What is The Premarket Telling Us?
Thursday, September 29, 2022, 7:23 AM.
US stock futures were down in the premarket. Dow futures down 133 points, Nasdaq futures were down 107 points, and S&P futures down 23 points. Asian markets ended their session mixed.
On The Bond Desk:
The US 10-Year Bond Yield at 3.705%, down 0.259%.
Currency Desk:
Eurodollar: 0.97
UK Pound: 1.08
Crude Oil:
WTI crude oil futures at $82.41/barrel, up 0.32%.
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 mixed. Japan (Nikkei 225) was up 0.95%, Shanghai down 0.13%, Hong Kong (Hang Seng) down 0.76%.
Major European markets closed lower. German (DAX) down 1.71%, France CAC 40 down 1.53%, London FTSE 100 down 1.77%.
Market And Sector Dynamics
Markets opened deep into negative territory with the Dow down 199 points, Nasdaq down 154 points, and S&P lost 36 points. WTI crude oil opened at $82.56/barrel, up $0.41, and the US 10 Year Bond hovered at 3.7820%, up 0.077%.
The markets were under pressure for the entire session, as a few Fed governors who spoke today, did so in one voice, echoing Fed Chair, Jerome Powell's hawkish interest stance. Stocks remained deep in negative territory for the day, as recession fears further gripped the markets, sending stocks tumbling lo new lows.
All eleven S&P sectors ended in the red today, led by Utilities, Consumer Discretionary, Real Estate, Technology, Communication Services, Industrials, Consumer Staples, Basic Materials, Financials, Healthcare, and Energy.
Factors Influencing Today's Market
The final read on Second Quarter GDP contracted (-0.6%) as was expected.
Personal Consumption Expenditure (PCE) a key Fed benchmark was higher than expected, at 2.0% vs 1.5% estimated.
US 10-Year Bond Yield ended today at 3.786%, up 1.29%.
WTI crude oil ended trading today at $81.23/barrel, down 1.12%.
Asian markets finished mixed, while European markets were lower.
Market Close Volume Traded And Advance Decline Ratio
US markets wiped out nearly all the gains of yesterday. The Dow plunged 458.13 points, Nasdaq sank 314.13 points, and the S&P lost 78.57 points. Total NYSE volume traded was a light 4.68 billion shares. Declining shares outpaced Advancing shares by nearly 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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