Wednesday's Market Recap - Inflation Fears Weighed Negatively On Stocks Sending Investors Fleeing.
- cashtonsaunders
- Nov 10, 2021
- 2 min read
What is The Premarket Telling Us?
Wednesday November 10, 2021 7:30 AM.
Stock futures were modestly lower early in premarket trading. Dow futures were down 62 points, Nasdaq futures down 72 points, and S&P futures down 12 points. Asian markets were mostly lower in their session overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.432%, down 0.065%.
Currency Desk:
Eurodollar:1.15
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $83.45/barrel, down 0.83%.
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 0.61%, Shanghai down 0.41%, Hong Kong (Hang Seng) up 0.74%.
Major European markets ended higher. German (DAX) up 0.17%, France CAC 40 up 0.03%, London FTSE 100 up 0.91%.
Market And Sector Dynamics
Stocks opened the trading day lower. The Dow down 15 points, Nasdaq sharply lower down 166 points, and the S&P was down 16 points. WTI crude oil fell 0.29%, at $83.91/barrel. The US 10 Year Bond Yield ticked up 0.43 basis points.
Inflation fear dominated markets today, after a hot October CPI came in at 0.9% vs 0.4% in September, and 6.2% year over year. Investor fear that rising interest rated will slow the growth of high big cap growth companies, in the technology, communication services, and consumer discretionary sectors.
Market bias was mostly negative today, with eight of the eleven S&P sectors ended the day with losses, led by Energy, Technology, Communication Services, Basic Materials, Consumer Discretionary, Industrials, Real Estate, and Financials. Utilities, Consumer Staples, and Healthcare were modestly higher.
Factors Influencing Today's Market
October CPI rose 0.9% month over month, and 6.2% year over year, sending inflation fears across the economy.
US 10 Year Bond Yield closed at 1.570%, up 9.05%.
WTI crude oil price closed at $81.55/barrel, down 3.09%.
Last week US crude oil inventories increased by 1 million barrels vs 3.3 million barrels in the prior week.
Market Close Volume Traded And Advance Decline Ratio
Markets ended sharply lower in today's session. The Dow sank 240.04 points, Nasdaq sank 263.84 points, and the S&P lost 38.54 points. Total NYSE volume traded, a modest 4.52 billion shares. Declining shares outpaced Advancing shares slightly more than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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