Wednesday's Market Recap - Dow Pauses As Interest Rates Remain Muted, And High Growth Stocks Rally.
- cashtonsaunders
- Jun 22, 2021
- 2 min read
What is The Premarket Telling Us?
June 23, 2021 7:30 AM.
Stock futures are mildly mixed at this hour. Dow futures up 11 points, Nasdaq futures up 7 points, and S&P was down a fraction. Asian markets ended their session mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.468%, down 0.4 basis points.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $73.35/barrel, up 0.69%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mostly higher. Japan (Nikkei 225) slipped 0.03%, Shanghai up 0.25%, Hong Kong (Hang Seng) up 1.79%
Major European markets finished their day lower. German (DAX) down 1.15%, France CAC 40 down 0.91%, London FTSE 100 down 0.22%.
Market And Sector Dynamics
Markets were flat at the start of trading. The Dow added 16 points, Nasdaq gained 6 points, and the S&P added 3 points. WTI crude opened at $72.86/barrel, and the US 10 Year Bond hovered at 1.485%.
Except for a few peaks in positive territory during the morning session, stocks remained in negative territory for the entire trading session. A mix of issues dominated the session, led by continued sell off of crypto assets during the last few days, a reduced fear of runaway interest rates and inflation. Shares of technology, and consumer discretionary stock continued their rally today, taking the Nasdaq to a new record high.
Factors Influencing Today's Market
Fear of rising interest rates and runaway inflation has mostly subsided.
US 10 Year Bond ended the day at 1.484%, up 1.27%.
WTI crude oil closed today at $73.23/barrel, up 0.23%.
This week's EIA Petroleum Status Report show US crude oil inventories fell minus 7.6 million barrels vs minus 7.4 million barrels in the prior week.
New Homes Sales for May came in less than expected at 769K homes vs 868K expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today the markets closed mixed. The Dow lost 71.34 points, Nasdaq gained 18.46 points, and the S&P fell 4.60 points. Total NYSE volume traded, a light 3.76 billion shares. Advancing shares outpaced Declining shares by 1.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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