Wednesday's Market Recap - Nasdaq Defied The Rise In The 10 Year Bond Suggesting A Decoupling.
- Mar 30, 2021
- 2 min read
What is The Premarket Telling Us?
6:50 AM.
US stock futures are flashing green at this hour. Dow futures up 1 point, Nasdaq futures up 89 points, and S&P futures up 7 points. Asian markets were mostly lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.728%, up .0020 or 20 basis points.
Currency Desk:
Eurodollar: 1.17
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $60.62/barrel, up 0.07.
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 Japan (Nikkei 225) down 0.86%, Shanghai down 0.43%, Hong Kong (Hang Seng) down 0.70%.
Major European markets were also lower today. German (DAX) flat, France CAC 40 down 0.34%, London FTSE 100 down 0.86%.
Market And Sector Dynamics
Markets opened moderately higher with the Dow up 75 points, Nasdaq up 74 points, and the S&P up 8 points.WTI crude oil started the day off at $60/barrel, and the US 10 Year Bond hovered at 1.7
One hour later the Dow was down 35 points but recovered just before noon with the Dow up 70 around 1:30 PM., the intraday high. Stocks remained at that level for the rest of the afternoon session, before a mild selloff shortly before the close.
Six of the eleven SUP sectors ended lower in today's session, led by Energy, Financials, Basic Materials, Real Estate, Consumer Staples, and Industrials. Technology, Consumer Discretionary, Communication Services, Utilities, and Healthcare ended the day higher.
Factors Influencing Today's Market
High technology growth stock reclaimed some of last week's losses today, while banks of financial lost ground.
US 10 Year Bond Yield closed at 1.744%, up 1.99%.
Asian markets ended their session lower, as did European markets ended lower.
WTI crude oil closed today at $59.58/barrel, down 1.60%.
This week's EIA Petroleum Status Report shows a drawdown of 0.9 million barrels, vs a build of 1.9 million the prior week.
This week's ADP Employment Report shows 517K vs 500K estimated.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended today's session mixed. The Dow fell 85.41 points, Nasdaq gained 201.48 points, and the S&P gained 14.34 points. Total NYSE volume traded, a moderate 4.69 billion shares. Advancing shares outpaced Declining shares by 1.21:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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