Wednesday's Market Recap - Nasdaq Falls, As Dow And S&P Ends The Day With Gains.
- May 4, 2021
- 2 min read
What is The Premarket Telling Us?
June 5, 2021 7:00 AM.
It's Cinco de Mayo, and US stock futures are moderately positive at this hour, suggesting markets may be looking to reverse some of yesterday's technology selloff. Dow futures are up 63 points, Nasdaq futures up 66 points, and S&P futures up 12 points. Asian markets ended lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.603%, up 1.1%.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $66.40/barrel, up 1.08%.
On the Earnings Calendar:
Ride share company Lyft reported better than expected earning after the close yesterday.
Uber reports after the market closes today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets Japan (Nikkei 225) closed, Shanghai lost 0.81%, Hong Kong (Hang Seng) fell 0.49%.
Major European markets finished with gains . German (DAX) up 2.12%, France CAC 40 up 1.40%, London FTSE 100 up 1.68%.
Market And Sector Dynamics
Markets opened the today's session with the three major indexes comfortable in positive territory. The Dow gained 69 points, Nasdaq gained 99 points, and and the S&P gained 19 points. WTI crude oil was also off to a higher start at $66.27/barrel, up 0.88%. The US 10 Year Bond ticked higher at 1.60%, up 0.8 basis points.
Following the heavy selloff of technology stocks yesterday, investors are somewhat cautious, and attempting to determine if this may be the start of a correction in the technology heavy Nasdaq.
After drifting lower following the opening bell, with the Dow down 90 points, the index regained its upward momentum reaching a high of 160 points around noon. The Dow jumped even higher later in the afternoon, with the Dow up around 200 point. The index pulled back from the intraday highs shortly before market close.
Six of the eleven S&P sectors closed with losses in today's session, led by Utilities, Real Estate, Consumer Discretionary, Communication Services, and Consumer Staples. Energy, Basic Materials, Financials, Healthcare, and Industrials closed with solid gains.
Factors Influencing Today's Market
After beginning the day solidly positive, high technology growth stocks sold off again today.
European markets ended with nice gains, while Asian markets were were lower.
The US 10 Year Bond Yield closed at 1.578%, down 1.0%.
WTI crude oil closed at $65.12/barrel, down 1.68%.
This week's Petroleum Status Report show a draw down of -8.0 million barrels, which is normally a positive for oil prices.
Market Close Volume Traded And Advance Decline Ratio
The major indexes ended the day mixed. The Dow gained 57.31 points, Nasdaq fell 51.08 points, and the S&P gained 2.93 points. Total NYSE volume traded, a modest 4.25 billion shares. Advancing shares surpassed Declining shares by 1.12:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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