Wednesday's Market Recap - Markets Broke The Recent Losing Streak To Rally Strong Today.
- cashtonsaunders
- Mar 9, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, March 9, 2022, 7:27 AM.
US stock index futures headed significantly higher in the premarket. Dow futures gained 493 points, Nasdaq futures up 270 points, and S&P futures up 68 points. Asian markets closed lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.872%, up 0.121%.
Currency Desk:
Eurodollar: 1.09
Russian Ruble: 137
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $61.23/barrel, down 1.46%.
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 0.30%, Shanghai down 1.13%, Hong Kong (Hang Seng) down 0.51%.
Major European markets closed markedly higher. German (DAX) up 7.92%, France CAC 40 up 7.13%, London FTSE 100 up 3.27%.
Market And Sector Dynamics
Stocks opened markedly higher today. The Dow was up more than 500 points, Nasdaq up 318 points, and S&P up 52 points. WTI crude oil was down 2%, to $120.89/barrel, while the US 10 Bond ticked up 3.9 basis points to 1.91%.
Investors were in a decidedly bullish mode in today's session, with the Dow reaching an intraday high of more than 800 points, in the early afternoon, as investors shrugged any concerns about the Russia Ukraine war, or the Federal Reserve and interest rate hikes, at least for today.
Commodity prices, which have been on a tear due to the Russia Ukraine war, pulled back dramatically in the session.
Market tone was very positive, with nine of the eleven S&P sectors closing firmly in positive territory, led by Technology, Financials, Communication Services, Basic Materials, Consumer Discretionary, Healthcare, Industrials, Real Estate, and Consumer Staples. Energy and Utilities ended the day with losses.
Factors Influencing Today's Market
Markets rallied in a strong risk-on session today, as crude oil prices pulled back from it recent rally.
US 10 Year Bond Yield closed at 1.951%, up 6.03%.
WTI crude oil ended today at $111.08/barrel, down 10.20%.
Asian markets closed with losses, but European markets ended with solid gains.
Last week's EIA Petroleum Status Report showed US crude oil inventories fell by -1.9 million barrels vs -2.6 million barrels in the prior week.
January's JOLTS job opening increased to 11.263 million jobs vs the 10.90 million consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
US stock soared higher in today's session. The Dow closed the day at 653.61 points, Nasdaq gained 459.99 points, and S&P rose 107.18 points. Total NYSE volume traded a modest 5.66 billion shares. Advancing shares outpaced Declining shares by 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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