Wednesday's Market Recap - Fed Chair And FOMC Managed To Calm Fear Of Rising Bond Yield.
What is The Premarket Telling Us?
7:30 AM.
Mildly lower describes the status of US stock futures at this hour, ahead of the release of the FOMC meeting this afternoon. Dow futures down 3 points, Nasdaq futures down 102 points, and S&P futures down 10 points.
Asian markets ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.62%, up 0.01%.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $64.24/barrel, up down 0.086%.
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 closed mixed. Japan (Nikkei 225) down 0.02%, Shanghai down 0.03%, Hong Kong (Hang Seng) up 0.02%.
Major European markets were . German (DAX) up 0.27%, France CAC 40 0.01%, London FTSE 100 down 0.60%.
Market And Sector Dynamics
Stocks opened the trading day mixed. The Dow was up 6 points, Nasdaq gained 140 points, and S&P fell 16 points. WTI crude oil started off lower at $64.21, up 0.91%, and the US 10 Year Bond was higher at 1.66%, up 4.3 basis points. Half an hour after the open the Dow was up 120 points,
Markets volatility dominated the early session with the Dow retreating to the flat line an hour after the open, ahead of the results of the FOMC meeting scheduled to be released at 2:00 PM later today. At the low, the Dow was down 30 points, ninety minutes after the opening bell. Stocks recovered to their opening level by noontime but really took off after the Fed released, as expected, a very dovish report reiterating no thought of rate increases before the year 2023. That's exactly what the markets wanted to hear, so stocks gapped higher.
Six of eleven S&P sectors ended the session in positive territory, led by Consumer Discretionary, Industrials, Energy, Basic Materials, Financials, and Communication Services. Utilities, Healthcare, Real Estate, and Consumer Staples ended the session with losses.
Factors Influencing Today's Market
FOMC released a very dovish statement today, reiterating now rate hikes before the year 2023. A decision that sent stocks higher.
US 10 Year Bond ticks higher closing at 1.646%, up 1.53%.
WTI crude oil closed the day at $64.58/barrel, down 0.34%.
Market Close Volume Traded And Advance Decline Ratio
Markets ended moderately higher today. The Dow gained 189.42 points, Nasdaq gained 53.63 points, and S&P gained 11.41 points. Total NYSE volume traded, a moderate 4.54 billion shares. Advancing shares outpaced Declining shares by 1.27:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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