Tuesday's Market Tear Sheet - A Mixed Trading Session Led By Better Than Feared Walmart Earnings.
- cashtonsaunders
- Aug 16, 2022
- 2 min read
What is The Premarket Telling Us?
Tuesday, August 16, 2022, at AM.
Futures were modestly lower early, indicating the market would open lower. Dow futures were down 76 points, Nasdaq futures down30 points, and S&P futures were down 10 points.
On The Bond Desk:
The US 10-Year Bond Yield at 2.791%, down 0.058%.
Currency Desk:
Eurodollar: 1.01
UK Pound: 1.20
Crude Oil:
WTI crude oil futures at $88.39/barrel, down 1.14%.
On the Earnings Calendar:
Walmart reported better than expected earnings this morning, despite announcing an earnings warning two weeks ago. Shares of the company were up more than $7.00 per share in the premarket.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed Japan (Nikkei 225) down 0.01%, Shanghai up 0.05%, Hong Kong (Hang Seng) down 1.18%.
Major European markets closed higher. German (DAX) up 0.68%, France CAC 40 up 0.34%, London FTSE 100 up 0.36%.
Market And Sector Dynamics
US stocks were mixed at the open. The Dow was modestly higher, up 27 points, Nasdaq was down 56 points, and the S&P was down 5.36 points.
The Dow was subdued in the early morning session but soared higher a short while later, helped largely by shares of Walmart which reported better than expected earnings results, after announcing an earnings warning three weeks ago. Shares of Home Depot also rallied in today's session contributing to the Dow's performance. At the high, just before 2:15 PM, the Dow was up 365 points, before giving back some of its gains in afternoon trading. The technology-heavy Nasdaq turned positive in mid-afternoon but could not hold on to those gains.
Trading was mostly positive early in today's session with all three indexes firmly in positive territory, before the Nasdaq high technology sector pulled back modestly later in the afternoon. Trading was balanced with six of the eleven S&P sectors closed with gains, led by Consumer Staples, Consumer Discretionary, Financials, Basic Materials, Industrials, and Utilities. Real Estate, Energy, Technology, Healthcare, and Communication Services were lower.
Factors Influencing Today's Market
Better than expected earnings from Walmart, after the company reported an earnings warning three weeks ago.
UBS downgrades Snowflake (SNOW) to neutral citing fear of competitive pressure and potential customer weakness.
US 10-Year Bond closed today at 2.808%, up 0.52%.
WTI crude oil price closed at $87.16/barrel, down 2.62%.
Market Close Volume Traded And Advance Decline Ratio
US markets ended mixed today, with the Dow up 239.57 points, Nasdaq down 25.50 points, and the S&P gaining 8.06 points. Total NYSE volume traded was a modest 4.36 billion shares. Advancing shares outpaced Declining shares by 1.167:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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