Tuesday's Market Recap - Stocks Fade Strong Morning Rally To Finish In The Red.
- cashtonsaunders
- Sep 27, 2022
- 2 min read
What is The Premarket Telling Us?
Tuesday, September 27, 2022 8:52 AM.
Stock furures were nicely higher in the early hours before the market opened. Dow futures were up 284 points, Nasdaq futures were up 177 points, and S&P futures were up 48 points. Asian markets ended higher overnight.
On The Bond Desk:
The US 10-Year Bond Yield at 3.838%, down 0.040%.
Currency Desk:
Eurodollar: 0.96
UK Pound: 1.07
Crude Oil:
WTI crude oil futures at $78.12/barrel, up 1.84%.
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 with gains. Japan (Nikkei 225) up 0.53%, Shanghai up 1.40%, Hong Kong (Hang Seng) up 0.03%.
Major European markets closed lower. German (DAX) down 0.72%, France CAC 40 down 0.27%, London FTSE 100 down 0.52%.
Market And Sector Dynamics
US markets were sharply higher at the start of trading with the Dow up 197 points, Nasdaq up 149 points, and the S&P up 37 points, which definitely looked as a risk on oversold bounce. WTI crude oil opened a fraction lower, at $76.47/barrel, while the US 10 Year Bond Yield hovered at 3.912%, down 0.016%.
Markets appeared poised for a positive day during most of the morning session, where the Dow was up as much as 400 points. Unfortunately, bond yiield started to tick higher, and the market sold off, almost immediately, and remained below the flat line for the rest of the session.
A strong September Consumer Confidence report which was up 6 points to 108, and an equally strong August New Home Sales print, also help to fuel fears that the Fed would continue its agressive interest rate hikes. A case of good US economic data being perceived as bad news for the market.
In today's session, seven of the eleven S&P sectors ended with mild losses, led by Consumer Staples, Utilities, Real Estate, Communication Services, Industrials, Financials, and Healthcare. Energy, Consumer Discretionary, Basic Materials, and Technology, ended higher.
Factors Influencing Today's Market
A strong September Consumer Confidence Report of 108, that was nearly 6 points above consensus estimates.
August New Home Sales were much better than expected, at 685 K compared to the 498 K expected.
Major Asian markets ended higher, but European markets ended lower.
US 10 Years Bond Yields close today at 3.949%, up 0.53%.
WTI Crude Oil price ended Tuesday at $76.47/barrel, up 2.33%
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the Dow lost 125.82 points, Nasdaq gained 26.58 points, and the S&P lost 7.75 points. total NYSE volume traded was a light 4.58 billion shares. Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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