Tuesday's Market Recap - Stocks Retreat From New Record Highs To Close Negative.
What is The Premarket Telling Us?
9:00 AM.
US stock futures are moderately higher this morning, half an hour before the start of trading. Dow futures up 155 points, Nasdaq gained 55 points, and the S&P gained 16 points. Asian markets ended the day mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 0.94%, up 0.01%.
Currency Desk:
Eurodollar: 1.22
UK Pound: 1.34
Crude Oil:
WTI crude oil futures $48.26/barrel, up 1.34%.
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) up 2.66%, Shanghai down 0.54%, Hong Kong (Hang Seng) up 0.96%
Major European markets closed mixed. German (DAX) fell 0.21%, France CAC 40 up 0.42%, London FTSE 100 up 1.55%.
Market And Sector Dynamics
Stocks got off to a very strong start. The Dow gained 181 points, Nasdaq gained 50 points, and the S&P rose 7 points. WTI crude oil started the day at $48.16/barrel, up 1.13%, while the US 10 Year bond held at 0.948%.
The markets fell steadily shortly after the open, turning negative around 90 minutes after the start of trading, and gaped even lower just after midday, with the Dow down 125 points, the intraday low. The markets recovered nicely an hour before the close but failed to get back to positive territory.
Nine of the eleven S&P sectors ended today's session with modest losses, led by Real Estate, Industrials, Energy, Technology, Financials, Consumer Staples, Basic Materials, Communication Services, and Utilities.
Healthcare and Consumer Discretionary ended with modest gains.
Factors Influencing Today's Market
Continued optimism from the recently signed stimulus package, and the potential for $2000 Care Act payment, instead of the $600 in the current completed bill.
The first case of the new more contagious Covid-19 strain was discovered in Washington State, in a person who had not traveled.
Asian and European markets trade mixed in today's session.
US 10 Year Bond Yield closed today at 0.940%, up 1.80%.
WTI crude oil closed the day at $48.10/barrel, up 1.01%.
Market Close Volume Traded And Advance Decline Ratio
After a strong positive start, the markets retreated and ended the session lower. The Dow fell 68.30 points, Nasdaq fell 49.20 points, and the S&P fell 8.32 points. Total NYSE volume traded, a light 3.43 billion shares.
Declining shares outpace Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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