Tuesday's Market Recap - Stocks Continued To Sell Off In Today's Session
- May 18, 2021
- 2 min read
What is The Premarket Telling Us?
May 18, 2021 7:20 AM.
Futures are higher at this hour, with Dow futures up 87 points, Nasdaq futures up 85 points, and S&P futures up 12 points. Investor are anticipating earnings report from Walmart, and Home Depot. Asian market ended higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield ticked up at 1.647%, up 0.7 basis points.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $66.55/barrel, up 0.42%.
On the Earnings Calendar:
Home Depot, and Walmart reported strong quarterly earning results, shares are higher in the premarket.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed with gains today. Japan (Nikkei 225) up 2.09%, Shanghai up 0.32%, Hong Kong (Hang Seng) up 1.42%.
Major European markets ended mixed. German (DAX) down 0.07%, France CAC 40 down 0.21%, London FTSE 100 up 0.02%.
Market And Sector Dynamics
Stocks opened today's trading session modestly higher, with the Dow up 43 points, Nasdaq gained 20 points, and the S&P gained 4 points. WTI crude oil started off lower at $66.10/barrel, down 0.26%, and the US 10 Year Bond tick mildly higher at 1.645%, up 5 basis points.
Except for a brief moment after the opening bell, the Dow traded below the flat line for the entire session. Blowout earnings reports from Walmart, and Home Depot provided the early momentum, which eventually faded, as share of both companies turned negative. Energy was the worst performing sector in today's session.
Eight of eleven S&P sectors closed lower in trading in today's session, led by Energy, Industrials, Financials, Communication Services, Basic Materials, Technology, Consumer Discretionary, and Consumer Staples. Real Estate, and Healthcare, ended with gains, while Utilities were unchanged.
Factors Influencing Today's Market
Energy was a big drag on the markets today.
Asian markets ended with gains in their session, while European stocks closed mixed.
US 10 Year Bond Yield closed at 1.640%, down 0.72%.
WTI crude oil price ended today at $65.25/barrel, down 1.54%.
April's housing starts and permits came in at 1.569 million vs the 1.705 estimated, and also lower than 1.739 million in March.
Market Close Volume Traded And Advance Decline Ratio
Markets ended moderately lower in today's trading. The Dow lost 267.13 points, Nasdaq fell 75.41 points, and the S&P lost 35.46 points. Total NYSE volume traded, a modest 4.40 billion shares. Declining shares outpaced Advancing shares by 1.18:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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