Tuesday's Market Recap - Stock Gave Up Huge Intraday Gains To Close Lower.
- cashtonsaunders
- Mar 8, 2022
- 2 min read
What is The Premarket Telling Us?
Tuesday, March 8, 2022, 7:00 AM.
US stock futures trended modestly higher in the premarket. Dow futures were up 147 points, Nasdaq futures up 27 points, and S&P futures up 20 points. Major Asian markets closed lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.751%, unchanged since the prior close.
Currency Desk:
Eurodollar: 1.08
Russian Ruble: 147
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $120.00/barrel, up 1.13%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets sank overnight. Japan (Nikkei 225) fell 1.71%, Shanghai plunged 5.39%, Hong Kong (Hang Seng) down 1.50%.
Major European markets ended mildly lower. German (DAX) down 0.02%, France CAC 40 down 0.32%, London FTSE 100 up 0.07%.
Market And Sector Dynamics
US stocks were mixed at the start of trading, with the Dow up 86 points, Nasdaq down 11 points, and the S&P up 5 points. WTI crude oil continued its ascent, up 3.93% to $124.09/barrel at the open. The US 10 Year Bond Yield was up 906 basis points to 1.847%.
Markets traded in and out of positive territory during the session. Shortly after the open stocks turned negative, with the Dow down 240 points around 10:00 AM, before rebounding in the early afternoon, the Dow up 580 points around 1:00 PM, on a report that Ukraine President Zelensky had indicated that he would be willing to forego any future membership in NATO, to stop the Russian bombing of Ukraine. The rally faded in the remaining session and into the close once that news could not be confirmed.
Nine of the eleven S&P sectors traded lower in the session, led by Consumer Staples, Healthcare, Utilities, Real Estate, Industrial, Financials, Basic Materials, Technology, and Communication Services. Energy and Consumer Discretionary ended with gains.
Factors Influencing Today's Market
Investors were still skittish as the uncertainty of Russia Ukraine was continued.
US 10 Year Bond Yield closed at 1.840%, up 3.58%.
WTI crude oil price rallied again today to close at $125.39/barrel, up 5.02%.
More US companies suspended operations in Russia. McDonald's, Starbucks, and Pepsi.
Market Close Volume Traded And Advance Decline Ratio
Markets fell again today, after an initially positive start early in the session. The Dow fell 184.74 points, Nasdaq lost 35.41 points, and the S&P fell 30.39 points. Total NYSE volume traded a heavy 7.24 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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