Tuesday's Market Recap - Investors Returning To Technology Stocks As Value Stocks Pull Back.
- cashtonsaunders
- Jul 6, 2021
- 2 min read
What is The Premarket Telling Us?
July 6, 2021 7:15 AM.
As the shortened trading week begins after yesterday's observance of July 4th. Independence celebrations, US stock equity futures are mixed at this hour. Dow futures down 33 points, Nasdaq futures up 13 points, and S&P futures down 3 points. Asian markets closed mixed in their session overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.431%, down 0.05%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $76.14/barrel, up 1.30%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.16%, Shanghai down 0.11%, Hong Kong (Hang Seng) down 0.25%.
Major European markets ended the day lower. German (DAX) fell 0.96%, France CAC 40 down 0.91%, London FTSE 100 down 0.89%.
Market And Sector Dynamics
Markets started the trading day mixed. The Dow lost 67 points, Nasdaq gained 38 points, and the S&P added 0.01 point. WTI crude oil began the day lower at $74.82/barrel, down 0.45%, as OPEC-plus oil producers failed to agree on a new deal. The US 10 Year Bond also slipped lower at 1.4%, down 3.2 basis points. Markets trended lower after the opening bell hitting a intraday lower with the Dow down near 450 points, just less than a hour before midday. The Dow hung out in a very narrow range above the flat line for the remained of the session, moving modestly higher in the late afternoon session. The Nasdaq which started in positive territory, also turned lower shortly after midday, but later turned around to close modestly in positive territory.
The US 10 Year Bond ticked lower in today's session, helping technology and higher growth stocks to gain ground, at the expense of more value oriented companies.
Seven of the eleven S&P sectors ended the session with modest losses, led by Energy, Financials, Basic Materials, Industrials, Consumer Staples, Healthcare, and Communication Services. Real Estate, Utilities, and Technology ended with modest gains.
Factors Influencing Today's Market
Some investors worry cyclical Dow and value stocks may be at peak growth, marking a return to reliable high growth technology stocks.
Asian markets ended mixed, while European markets ended lower.
US 10 Year Bond Yield closed significantly lower at 1.352%, down 5.86%
WTI crude oil price closed at $73.82/barrel, down 3.19%.
Market Close Volume Traded And Advance Decline Ratio
Stock ended today's session mixed. The Dow fell 208.98 points, Nasdaq gained 24.32 points, and the S&P fell 8.80 points. Total NYSE volume traded, a modest 4.38 billion shares. Declining shares outpaced Advancing shares by 1.83:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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