Wednesday's Market Recap - Dow Soar Today While The Nasdaq Takes A Break.
- Mar 10, 2021
- 2 min read
What is The Premarket Telling Us?
8:15 AM.
Stocks are moderately mixed at this hour, with the Dow up 96 points, Nasdaq down 54 points, and the S&P up 3 points. Asian markets were mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.56%, down 0.04%
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $64.70/barrel, up1.08%.
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 were mildly mixed. Japan (Nikkei 225) up 0.03%, Shanghai down 0.05%, Hong Kong (Hang Seng) up 0.47%.
Major European markets also closed mixed. German (DAX) gained 0.71%, France CAC 40 up 1.11%, London FTSE 100 slipped 0.07%.
Market And Sector Dynamics
Markets opened higher today, with the Dow up 171 points, Nasdaq gained 160 points, and the S&P up 27 points. WTI crude oil started off higher at $64.71/barrel, up 1.12%, with the US 10 Year Bond holding at 1.54%,down 0.4 basis points.
Stocks climbed steadily higher throughout the entire session. At the intraday high the Dow was up 550 points, shortly before 3:00 PM. The Nasdaq which was up 200 points, gave back all of its gains, an hour later, and remained in and out of positive territory for the rest of the session.
Ten of the eleven S&P sectors ended with gains today, led by Energy, Financials, Basic Materials, Industrials, Consumer Staples, Real Estate, Utilities, Communication Services, Consumer Discretionary, and Healthcare. Technology was lower in the session,
Factors Influencing Today's Market
February's Consumer Price Index (CPI) came in at 0.4%, in line with estimates.
The US Congress passed the Biden American Rescue Plan today.
Both Asian and European markets ended mixed in today's session.
US 10 Year Bond Yield closed today at 1.521%, down 0.45%.
WTI crude oil ended today at $64.66/barrel, up 1.02%.
This week's EIA Petroleum Status Report shows US crude oil inventories grew 13.8 million barrels, vs 21.6 million barrels in the prior week.
Market Close Volume Traded And Advance Decline Ratio
The bulls took charge of the markets again today. The Dow surged 464.28 points, a new record close, the Nasdaq after soaring higher yesterday, lost 4.99 points, and the S&P gained 23.37 points. Total NYSE volume traded, a moderate 5.85 billion shares. Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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