Tuesday's Market Recap - Stocks Sold Off Moderately On Uptick In Covid-19 Cases In New York City.
What is The Premarket Telling Us?
7:00 AM.
Flat to mildly lower describes the state of stock futures at this hour. Dow futures are down 23 points, Nasdaq futures down 29 points, and S&P futures down 3 points. Major Asian markets closed mildly lower.
On The Bond Desk:
The US 10 Year Bond Yield at 0.66%, unchanged.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $40.29/barrel, down 0.76%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended slightly lower. Japan (Nikkei 225) down 0.21%, Shanghai up 0.21%, Hong Kong (Hang Seng) down 0.85%.
Major European markets were mildly lower. German (DAX) 0.35%, France CAC 40 down 0.23%, London FTSE 100 fell 0.51%
Market And Sector Dynamics
Stocks opened modestly lower this morning. The Dow lost 44 points, Nasdaq lost 8 points, and the S&P down 2 points. WTI crude oil has turned down early, at $39.89/barrel, down 0.77%, and the US 10 Year Bond Yield sits at 0.667%.
Investors are responding negatively to a report of an uptick in Covid-19 infections in New York City, to 3%, after holding at 1% or under, since around June. At the same time, schools, and restaurants have just begun to open in that city. Real Estate and Financials
Markets sank lower during the morning session, with the Dow falling to an intraday low, down 245 points. A better than expected rise in Consumer Confidence to 101.8 vs 90.1 expected, helped markets recover gradually, during the afternoon, but it failed to break above the flat line.,
Today's selloff was negative and pronounced. Then of the eleven S&P sectors closed the day with modest losses, led by Energy, Financials, Industrials, Consumer Discretionary, Basic Materials, Consumer Staples, Real Estate, Utilities, and Healthcare. Communication Services was the only sector higher in the session.
Factors Influencing Today's Market
A rise in Covid-19 infections in New York City as schools and restaurants have begun to open.
A better than expected rise in August Consumer Confidence from 101.8 vs 90.1 expected.
Major Asian markets ended their session lower, so were the European markets.
US 10 Year Bond Yield closed at 0.651%, down 0.99%.
WTI crude oil closed at $39.29/barrel, down 3.23%,
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading, the major indexes were lower. The Dow lost 131.40 points, Nasdaq lost 32.38 points, and the S&P down 16.13 points. Total NYSE volume traded was a light 3.67 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Econoday.
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