Tuesday's Market Recap - Another Positive Session Ahead Of Fifty Basis Points Rate Hike Tomorrow.
- cashtonsaunders
- May 3, 2022
- 2 min read
Updated: May 4, 2022
What is The Premarket Telling Us?
Tuesday, May 3, 2022, 7:20 AM.
US stock index futures were moderately negative within the hour. Dow futures were down 141 points, Nasdaq futures down 56 points, and S&P futures down18 points.
On The Bond Desk:
The US 10 Year Bond Yield, down 2.3 bps, to 2.973%
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.25
Crude Oil:
WTI crude oil futures were at $103.79/barrel, down 1.31%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets mostly closed. Japan (Nikkei 225) closed, Shanghai closed, Hong Kong (Hang Seng) down 0.06%.
Major European markets closed modestly higher. German (DAX) up 0.72%, France CAC 40 up 0.79%, London FTSE 100 up 0.22%.
Market And Sector Dynamics
Stocks opened modestly mixed with the Dow up 82 points, down 22 points, and the S&P up 6 points. WTI crude oil slipped 1.81%, to $103.27/barrel, and the US 10 Year Bond hovered at 2.9260%, down 7 basis points. Following some volatility in the first ninety minutes of trading, markets firmed up and rallied back into positive territory, even as investors anticipate a fifty basis points rate hike by the Fed, tomorrow afternoon. Also helping the markets today, the US 10 Year Bond backed off the 3% level.
Following some uncertainty early in the session, where markets were in and out of positive territory, stocks soon settled down comfortably into positive territory, as investors appeared poised and ready for the anticipated fifty basis points rate hike expected to be announced by the Fed tomorrow. Stocks lost some momentum in the last hour of trading but managed to hold on above the flat line.
Markets bias was mostly positive throughout the session. Nine of the eleven S&P sectors ended the session with gains, led by Energy, Financials, Real Estate, Basic Materials, Industrials, Communication Services, Utilities, Healthcare, and Technology. Consumer Discretionary and Consumer Staples ended mildly lower.
Factors Influencing Today's Market
Investors appeared prepped and ready for an almost certain fifty basis point interest rate hike from the Fed/FOMC tomorrow.
Asian markets were mostly closed today, but European markets ended higher.
The US 10 Year Bond Yield, at 2.975%, down 0.39%.
WTI crude oil price closed today at $102.41/barrel, down 2.62%.
Market Close Volume Traded And Advance Decline Ratio
Markets closed modestly higher today, with the Dow up 67.29 points, Nasdaq up 27.74 points, and S&P up 20.10 points. Total NYSE volume traded was a light 4.62 billion shares. Advancing shares outpaced Declining shares by roughly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments