Thursday's Market Tear Sheet - Another Down Day Compliments Of The Feds.
- C. Ashton
- Sep 22, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, September 22, 2022, 7:06 AM.
US stocks were modestly higher a little less than two hours before the start of trading. Dow futures were up 54 points, Nasdaq futures were down 1 point, and the S&P futures were up 3.25 points. Major Asian markets ended lower.
On The Bond Desk:
The US 10-Year Bond Yield at 3.510%, down 0.20%.
Currency Desk:
Eurodollar: 0.98
UK Pound: 1.13
Crude Oil:
WTI crude oil futures at $83.82/barrel, up 1.06%.
On the Earnings Calendar:
Fed reported better than expected earnings early, this afternoon. The company released an earnings warning two weeks ago.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended lower in their session. Japan (Nikkei 225) down 0.58%, Shanghai down 0.47%, Hong Kong (Hang Seng) down 1.61%.
Major European markets also ended lower. German (DAX) down 1.84%, France CAC 40 down 1.87%, London FTSE 100 down 1.87%.
Market And Sector Dynamics
US markets opened most flat to mildly lower today. The Dow lost8 points, Nasdaq lost 20 points, and the S&P fell 2 points. Investors were still reeling from the effects of yesterday's 75 basis point rate hike by the Federal Reserve.
Markets traded in a volatile fashion for the entire session, under pressure after yesterday's hike by the Feds and their stance of higher rates hikes for longer, in its attempt to curb inflation forces in the economy.
Today, nine of the eleven S&P sectors ended with losses, led by Consumer Discretionary, Financials, Industrials, Basic Materials,Technology, Real Estate, Utilities, Energy, and Consumer Staples. Healthcare and Communication Services ended with modest gains.
Factors Influencing Today's Market
Markets were still under pressure from yesterday's rate hike by the Federal Reserve.
Major Asian and European markets ended lower today.
US 10-Year Bond Yield closed higher at 3.712%, up 5.04%.
WTI crude oil prices ended today at $83.64/barrel, up 0.84%.
This week's Initial Jobless Claims showed 213,000 new claims were filed for new unemployment benefits, 5000 more than the prior week.
Market Close Volume Traded And Advance Decline Ratio
US markets fell again today. At the close of trading, the Dow was down 107.10 points, Nasdaq 153.39 points, and the S&P lost 31.94 points. Total NYSE volume traded was a modest 4.28 billion shares. Declining shares outpaced Advancing shares by 4.62:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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