Tuesday's Market Recap - The Major Indexes Sold Off Again Today.
- May 10, 2021
- 2 min read
What is The Premarket Telling Us?
May 11, 2021 7:15 AM.
US stock futures are weak across the board at this hour, suggesting yesterday's sell will continue today. Dow futures are down 163 points, Nasdaq futures down 174 points, and the S&P down 32 points. Asian markets ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.606%, up 0.6 bases points.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $64.50/barrel, down 0.65%.
On the Earnings Calendar:
Palantir reported better than expected earning results before the bell this morning. Shares of the company fell in early trading, but reversed course intraday.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed on Tuesday. Japan (Nikkei 225) down 3.08%, Shanghai up 0.40%, Hong Kong (Hang Seng) down 2.03%.
Major European markets ended lower. German (DAX) fell 1.82%, France CAC 40 lost 1.86%, London FTSE 100 fell 1.86%.
Market And Sector Dynamics
Stocks opened the trading session sharply lower, with the Dow down 269 points, Nasdaq down 254 points, and the S&P fell 48 points. WTI crude oil was weak out of the gate, at $63.90/barrel, down 1.57%. The US 10 Year was higher at 1.627%, up 2.5 basis points.
Stock remained under pressure for the entire session, with the Dow down more than 600 points, at various points in the session. The Nasdaq which was down as well, recovered intraday, even turning positive for a brief while, before finishing the day slightly lower. Today, the rotation from high growth to value was very dominant, as investors worry about inflation, and it potential impact on the earnings of high growth technology and other stocks.
Ten of eleven S&P sectors closed the session with losses, led by Energy, Financials, Industrials, Utilities, Real Estate, Healthcare, Consumer Staples, Communication Services, and Technology. Basic Materials ended the session higher.
Factors Influencing Today's Market
Dow stocks sold off hard today as investor worry about rising interest rates and inflation.
US 10 Year Bond Yield closed today at 1.623%, up 1.23%.
WTI crude oil closed at $65.35/barrel, up $65.35/barrel, up 0.66%.
Asian markets were mixed, while European markets ended lower.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading today, the major indexes were again lower. The Dow lost 473.66 points, Nasdaq fell 12.43 points, after being down nearly 300 points intraday, and the S&P lost 36.33 points. Total NYSE volume traded, a moderate 4.87 billion shares. Declining shares outpaced Advancing shares by 2.80:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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