Tuesday's Market Recap - Stocks Ended Mixed As Market Trys To Find A Bottom.
- cashtonsaunders
- May 10, 2022
- 2 min read
What is The Premarket Telling Us?
Tuesday, May 10, 2022, AM.
Stock futures were moderately higher early in the premarket. Dow futures were up 192 points, Nasdaq futures up 132 points, and S&P futures up27 points. Asian markets were mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield ticked down to 3.079%, down 0.044%.
Currency Desk:
Eurodollar: 1.15
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $101.54/barrel, down 1.50%.
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 Japan (Nikkei 225) fell 0.58%, Shanghai added 1.06%, Hong Kong (Hang Seng) down 1.75%.
Major European markets closed nicely higher. German (DAX) up 1.15%, France CAC 40 up 0.51%, London FTSE 100 up 0.37%.
Market And Sector Dynamics
At the start of today's session markets were convincingly higher. The Dow gained 468 points, Nasdaq gained 296 points, and the S&P gained 74 points. WTI crude oil slipped 0.40% to $102.68/barrel, and the US 10 Year Bond hovered at 2.9670%, down 11.2 basis points.
Market volatility continued today sending averages in an out of positive and negative territory intraday. At the high of the morning, the Dow was up 540 points, before hitting the low of the day, in the early afternoon, with the Dow down more than 350 points, a pattern that continued for the rest of the session.
Market tone was mildly negative and volatile, with seven of the eleven S&P sectors ending the day with losses, led by Real Estate, Utilities, Financials, Consumer Staples, Industrials, Basic Materials, and Consumer Discretionary. Technology, Energy, Communication Services, and Healthcare ended with gains.
Factors Influencing Today's Market
Major Asian markets ended mixed, while European markets ended higher.
Fear of the Fed rate hikes, inflation, recession, and a collapse of corporate earnings multiples worried markets.
US 10 Year Bond Yield closed today at 2.989%, down 1.48%.
WTI crude oil prices closed at $99.08/barrel, up 3.60%.
Market Close Volume Traded And Advance Decline Ratio
After a very encouraging positive start this morning, stocks ended the day mixed. The Dow which was up more than 500 points, and down more than 350 points intraday, ended the day down 84.96 points, Nasdaq gained 114.42 points, and S&P gained 9.81 points. Total NYSE volume traded was a moderate 5.89 billion shares. Declining shares outpaced Advancing shares by 1.39:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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