Wednesday's Market Recap - Negative Session On Worry About Inflation And Lower Earnings
- cashtonsaunders
- Oct 27, 2021
- 2 min read
What is The Premarket Telling Us?
Wednesday, October 27, 2021 at 8:00 AM.
Mildly mixed was the best description for US stock futures early in the premarket. Dow futures were up 20 points, Nasdaq futures down 11 points, and S&P futures down 2 points. Asian markets closed lower.
On The Bond Desk:
The US 10 Year Bond Yield at 1.619%, down 0.0160%
Currency Desk:
Eurodollar: 1.16
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $83.76/barrel, down 1.05%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed lower. Japan (Nikkei 225) down 0.03%, Shanghai down 0.98%, Hong Kong (Hang Seng) down 1.62%.
Major European markets. German (DAX) fell 0.33%, France CAC 40 down 0.19%, London FTSE 100 down 0.33%.
Market And Sector Dynamics
Markets opened mixed Wednesday morning, with the Dow down 7 points, Nasdaq up 51 points, and the S&P rose 1 point. WTI crude oil started off lower at $83.02/barrel, down 1.93%, and the US 10 Year Bond slipped lower to 1.563%, down 5.5 basis points.
In the middle of the third quarter earnings season investors appear worried that rising inflation could curtail the growth of US big technology companies.
Today's session was mostly negative with nine of the eleven S&P sectors closing with losses, led by Energy, Financials, Basic Materials, Industrials, Healthcare, Real Estate, Utilities, Consumer Staples, and Technology. Communication Services and Consumer Discretionary ended the day with gains.
Factors Influencing Today's Market
US 10 Year Bond Yield closed at 1.550%, down 3.70%
WTI crude oil closed at $82.66/barrel, down 2.35%.
This week's EIA Petroleum Status Report shows 4.3 million barrels, vs a draw down of 0.43 million barrels in the prior week.
Asian stocks closed lower overnight, so did European markets.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading US stocks were mostly lower. Dow lost 266.19 points, Nasdaq was unchanged, and the S&P fell 23.11 points. Total NYSE volume traded, four billion shares changed hands, and Declining modestly outpaced Advancing shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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