Wednesday's Market Recap - A Mild Rally In An Ocean Of Recession Fear.
- cashtonsaunders
- Sep 14, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, September 14, 2022, 6:39 AM.
US stock futures were moderately positive early a few hours before the start of trading. Dow futures were up 122 points, Nasdaq futures were up 71.75 points, and S&P futures were up 21 points. Asian markets traded lower overnight.
On The Bond Desk:
The US 10-Year Bond Yield at 3.422%, up 0.06%.
Currency Desk:
Eurodollar: 1.00
UK Pound: 1.15
Crude Oil:
WTI crude oil futures at $87.60/barrel, up 0.33%.
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 lower. Japan (Nikkei 225) down 2.78%, Shanghai down 0.80%, Hong Kong (Hang Seng) down 2.33%.
Major European markets closed modestly higher. German (DAX) down 1.22%, France CAC 40 down 0.37%, London FTSE 100 down 1.47%.
Market And Sector Dynamics
Markets opened most flat today. The Dow gained 38 points, Nasdaq gained 29 points, and S&P gained 9 points
The market fluctuated on either side of the flat line in today's session. Stocks went negative in the morning, but quickly returned to positive territory a short while later, and remained higher until midway through the afternoon session where it sank below neutral again, before surging back to positive territory a few minutes before the close. For the bulls, this was a welcome rebound after yesterday's massive selloff.
Markets were mildly positive in today's trading. Six of the eleven S&P sectors ended with gains, led by Energy, Consumer Discretionary, Utilities, Technology, Communication Services, and Healthcare. Real Estate, Basic Materials, Financials, Industrials, and Consumer Staples ended lower.
Factors Influencing Today's Market
The final read for August PPI (Producer Price Index) as expected at -1%, and better than the revised -0.4% for July.
This week's EIA Petroleum Status Report showed US crude oil inventories grew/build of 2.4 million barrels vs 8.0 million barrels last week.
US 10-Year Bond Yield ended today at 3.404%, down 0.022%.
WTI crude oil price closed at $88.48/barrel, up 1.34%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading on Wednesday, markets ended modestly higher with the Dow gaining 30.12 points, Nasdaq gaining 86.10 points, and the S&P
gaining 13.32 points. Total NYSE volume traded was a modest 4.29 billion shares. Declining shares outpaced Advancing shares by 1.09:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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