Tuesday's Market Tear Sheet - Stocks Decline Ahead Of July's CPI Data, And A Warning From Micron.
- cashtonsaunders
- Aug 8, 2022
- 2 min read
What is The Premarket Telling Us?
Tuesday, August 9, 2022, 6:25 AM.
US stock futures were mostly flat to slightly lower ahead of the beginning of trading. Dow futures were up 4 points, Nasdaq futures down 68 points, and S&P fell 7 points. Asian markets traded mixed in their session.
On The Bond Desk:
The US 10-Year Bond Yield at 2.765%, down 0.075%.
Currency Desk:
Eurodollar: 1.02
UK Pound: 1.21
Crude Oil:
WTI crude oil futures at $91.26/barrel, up 0.55%
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) down 0.88%, Shanghai up 0.32%, Hong Kong (Hang Seng) down 0.17%
Major European markets also ended mixed today. German (DAX) down 1.12%, France CAC 40 0.53%, London FTSE 100 up 0.08%
Market And Sector Dynamics
Markets opened the trading day lower, as investors exercise caution ahead of tomorrow's release of the July Consumer Price Index (CPI) number. The Dow was down 19 points, Nasdaq was down 110 points, and the S&P fell 9 points. Following Nvidia's earnings warning yesterday, Micron also announced this morning that it would miss second-quarter analyst earnings estimates.
Trading today was mildly volatile. Stocks traded mostly at or below the flat line throughout the session, as responding to comments from Micron's CEO indicating that the company has begun to see weakness in its business, and would miss analyst expectations next quarter.
Seven of the eleven S&P sectors ended lower today, led by Consumer Discretionary, Technology, Communication Services, Basic Materials, Industrials, Healthcare, and Consumer Staples. Energy, Utilities, Real Estate, and Financials ended with gains.
Factors Influencing Today's Market
Investors were cautious today ahead of the release of July CPI data tomorrow.
Chipmaker, Micron warned today that it would miss second-quarter earnings estimates.
Major Asian and European markets ended mixed.
US 10 Year Bond Yield ended today at 2.779%, up 1%.
WTI crude oil closed today at $90.50/barrel, down 0.29%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today all three major indexes were lower. The Dow lost 58.13 points, Nasdaq sank 150.53 points, and the S&P fell 17.59 points. Total NYSE volume traded was a light 3.95 billion shares. Declining shares outpaced Advancing shares by 1.82:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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