Tuesday's Market Recap - Stocks Ended Mildly Mixed After An Ugly Start In The Morning.
- Feb 23, 2021
- 2 min read
What is The Premarket Telling Us?
7:30 AM.
US stock futures are under some pressure at this hour, as investors get increasingly worried about a rise in interest rates, and potential inflation. Dow futures were up 14 points, Nasdaq futures down 189 points, and the S&P down 15 points. Markets in Asia ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.37%, up 0.03%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $62.12/barrel, up 0.68%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed today. Japan (Nikkei 225) up 0.45%, Shanghai down 0.17%, Hong Kong (Hang Seng) up1.03%.
Major European markets were also mixed. German (DAX) down 0.61%, France CAC 40 up 0.21%, London FTSE 100 up 0.21%.
Market And Sector Dynamics
Markets opened lower at the outset, with the Dow 62 points, Nasdaq down 275 points, and S&P fell 36 points. WTI crude oil started lower at $61.17/barrel, down 0.88%, and the US 10 Year at 1.374%.
Markets opened lower, under extreme pressure mostly from technology stocks that have been on decline for two weeks, as vaccination of Americans continues, paving the way for our economy and our lives to return to normal. The stay at home/pandemic stocks is losing their lustre, as investor begin to reposition for a reopened economy. Markets remained severely depressed during the morning session with the Dow down near 300 points, and the Nasdaq down 520 points, under pressure from Tesla, Facebook, Alibaba, and other big tech companies.
Seven of the eleven S&P sectors close today's session with modest gains, led by Energy, Communication Services, Utilities, Financials, Basic Materials, Financials, Real Estate, and Industrials. Consumer Discretionary, Technology, Healthcare, and Consumer Staples.
Factors Influencing Today's Market
Markets sold off heavily in the morning session but staged a fantastic recovery after Fed Chair Jerome calmed investor fears about inflation.
Asian and European markets ended today mixed in their sessions.
US 10 Year Bond Yield closed today at 1.343%, down 1.86%.
WTI crude oil ended today at $61.25/barrel, down 0.39%.
February Consumer Confidence Index came in at 91.3 vs 90 expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow up 15.66 points, Nasdaq down 67.85 points, and the S&P up 4.87 points. Total NYSE volume traded, a heavy 6.27 billion shares. Declining shares outpaced Advancing shares by 1.57:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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