Thursday's Market Tear Sheet - Stocks Modestly Up, But May Be Overbought Short Term.
- cashtonsaunders
- Aug 17, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, August 18, 2022, 7:14 AM.
US stock futures were flat to slightly higher just over two hours before the start of trading. Dow futures were up 46 points, Nasdaq up 18 points, and S&P futures were up 6 points. Major Asian markets ended their sessions lower.
On The Bond Desk:
The US 10-Year Bond Yield at 2.893%, up 0.069%.
Currency Desk:
Eurodollar: 1.01
UK Pound: 1.20
Crude Oil:
WTI crude oil futures at $88.92/barrel, up 0.92%,
On the Earnings Calendar:
Cisco reported strong quarterly earnings results after the close of trading yesterday. Shares rallied in the extended markets.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) fell 0.96%, Shanghai lost 0.46%, Hong Kong (Hang Seng) down 0.80%.
Major European markets ended higher today. German (DAX) up 0.52%, France CAC 40 up 0.45%, London FTSE 100 up 0.35%.
Market And Sector Dynamics
Markets opened Thursday's session flat with the Dow down 4 points, Nasdaq down 16 points, and the S&P up a fraction of a point (0.33). The markets were still looking for direction after the release of the Fed/FOMC minutes of their last meeting yesterday afternoon. A strong earnings performance from Cisco added some positive sentiment to markets.
The Dow traded down130 points in the morning, before returning to the neutral line around noon, only to rebound to positive territory and the high of the session, up 63 points, twenty minutes before the close of trading.
In today's mildly positive session seven of the eleven S&P sectors ended with gains, led by, Energy, Technology, Utilities, Industrials, Basic Materials, Consumer Staples, and Financials. Real Estate, Healthcare, Communication Services, and Consumer Discretionary ended the day lower.
Factors Influencing Today's Market
Investors cautious as markets may be overbought in the short term.
Strong quarterly earnings results from Cisco was a positive catalyst for markets in the session.
Investors were still trying to assess the minutes of the last Fed/FOMC meeting released yesterday.
This week's Initial Jobless Claims showed 250,000 new claims for unemployment benefits, less than the 265,000 expected.
Major Asian markets ended the day lower, and European markets ended higher.
US 10 Year Bond Yield ended today at 2.886%, down 0.50%.
WTI crude oil closed today at $90.68/barrel, up 2.92%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended today, markets were mildly higher. The Dow gained 18.72 points, Nasdaq gained 27.22 points, and the S&P added 9.70 points. Total NYSE volume traded was a light 3.32 billion shares. Advancing shares outpaced Declining shares by 1.38:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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