Tuesday's Market Recap - Stock Rallied As Fed Chair Calms Inflation Fears.

cashtonsaunders
Jun 21, 2021
2 min read

What is The Premarket Telling Us?

June 22, 2021 7:30 AM.

US stock futures are trending higher at this hour, with Dow futures up 21 points, Nasdaq futures up 35 points, and S&P futures up 5 points. Asian markets ended mixed.

On The Bond Desk:

The US 10 Year Bond Yield at 1.484%, up 0.034%

Currency Desk:

Eurodollar: 1.18

UK Pound: 1.38

Crude Oil:

WTI crude oil futures at $72.70/barrel, down 0.57%.

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) gained 3.12%, Shanghai up 0.80%, Hong Kong (Hang Seng) fell 0.63%.

Major European markets ended higher. German (DAX) up 0.21%, France CAC 40 up 0.14%, London FTSE 100 up 0.39%.

Market And Sector Dynamics

Markets were mixed at the open. The Dow lost 29 points, Nasdaq was flat, and the S&P was down 1.9 points. WTI crude oil was at $73.28/barrel, and the US 10 Year Bond tick up to 1.509%, up 2.4 basis points.

The Dow sank lower shortly after the open, with the major index down 70 point, half hour after the start of trading, but returned to positive territory, an hour later, with the Dow up more than 100 point. The Dow gave back all of the late morning gains, and held just above the flat line for most of the remaining session before regaining upward momentum in the final hour of trading.

In today's rally, nine of eleven S&P sectors ended the session with gains, led by Consumer Discretionary, Technology, Communication Services, Energy, Basic Materials, Healthcare, Consumer Staples, Industrials, and Financials. Utilities, and Real Estate ended the session lower.

Factors Influencing Today's Market

Fed Chair Powell, reiterated today the Fed will not hike interest rate preemptively, based on the fear of inflation.
US 10 Year Bond Yield closed today at 1.467%, down 1.93%.
WTI crude oil price ended at $72.92/barrel, down 0.18%.
Asian market ended mostly lower today, while European markets ended higher.

Market Close Volume Traded And Advance Decline Ratio

When the market closed, stock were higher. The Dow gained 68.61 points, Nasdaq gained 111.79 points, and the S&P gained 21.65 points. Total NYSE volume traded, a light 3.87 billion shares. Advancing shares outpaced Declining shares by 0.18:1.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.