Tuesday's Market Recap - Stocks Down As Crude Falls And Covid Lock Down In German & France.
- Mar 23, 2021
- 2 min read
What is The Premarket Telling Us?
7:30 AM.
US stock futures are down at this hour. Dow futures down135 points, Nasdaq futures down 6.75 points, and S&P futures down 14.5 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.642%, down 4 basis points.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $59.16/barrel, down 3.90%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets moderately in negative territory. Japan (Nikkei 225) 0.61%, Shanghai up 0.93%, Hong Kong down 1.34(Hang Seng) %.
Major European markets were mixed. German (DAX) up 0.%, France CAC 40 down 0.%, London FTSE 100 %.
Market And Sector Dynamics
Markets opened the trading day moderately lower. The Dow fell 81 points, Nasdaq down 4 points, and the S&P fell 7 points. WTI crude oil started the day off lower, so has the US 10 Year Bond Yield. Investors will be listening to every word from Fed Chair Jerome Powell, and Treasury Secretary, Janet Yellen, testifying virtually, before the House Banking Committee, in Washington this morning. The markets did not react one way or the other to their testimony.
Stocks hung out just below the flat line for most of today's session, before the sell-off picked up at mid-afternoon, with the Dow closing at the intraday low. The market seems to have reacted more to renewed covid-19 shutdown in some European countries, like France and Germany.
In today's selloff, eight of the eleven S&P sectors closed the day with losses, led by Basic Materials, Industrials, Financials, Energy, Healthcare, Consumer Discretionary, Technology, and Communication Services. Utilities, Consumer Staples, and Real Estate ended modestly higher.
Factors Influencing Today's Market
Crude oil closed significantly lower today on perceived weakness in demand as Germany and France initiate Covid shutdowns.
Asian markets were lower today, while European markets ended mixed.
US 10 Year Bond Yield closed at 1.622%, down 4.27%.
WTI crude oil ended the day at $57.46%, down 6.48%.
Market Close Volume Traded And Advance Decline Ratio
The bears had the upper hand in today's trading, with the Dow plunging 308.05 points, the Nasdaq sank 149.84 points, and the S&P lost 30.07 points. Total NYSE volume traded, a moderate 4.66 billion shares.
Declining shares outpaced Advancing shares by 3.44:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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