Wednesday's Market Recap - Stocks Declined As Investors Felt Less Optimistic About Ukraine War.
- cashtonsaunders
- Mar 30, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, March 30, 2022, 7:30 AM.
US stock futures headed moderately lower this morning, after four consecutive days of gains. Dow futures were down 77 points, Nasdaq futures down 50 points, and S&P futures down 11 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield hovered at 2.400%, down 0.077%.
Currency Desk:
Eurodollar: 1.11
UK Pound: 1.31
Crude Oil:
WTI crude oil futures were up 2.65% to $107/barrel.
On the Earnings Calendar:
Semiconductor company, Micron, and leisure retailer, Lululemon reported strong Q2 earnings results after the close of trading yesterday. Shares of both companies are solidly higher in the premarkets.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended the day mixed. Japan (Nikkei 225) down 0.80%, Shanghai up 1.62%, Hong Kong (Hang Seng) up 1.34%.
Major European markets closed mixed. German (DAX) down 1.45%, France CAC 40 down 0.74%, London FTSE 100 up 0.55%
Market And Sector Dynamics
Stocks opened today's trading session modestly lower with the Dow down 40 points, Nasdaq down 46 points, and the S&P down 8 points. WTI crude oil headed higher at $107.77/barrel, up 3.39%, and the US 10 Year Bond ticked up 2.8%, to 2.428%.
Except for a brief moment in the morning session stocks traded below the flat line for the entire day, with the Dow down 225 points at the low of the session half an hour before the close of trading. Today, investors appeared less optimistic about a cease-fire in Ukraine.
Seven of the eleven S&P sectors closed with losses today, led by Consumer Discretionary, Technology, Financials, Real Estate, Communication Services, Basic Materials, and Industrials. Energy, Utilities, Healthcare, and Consumer Staples were higher.
Factors Influencing Today's Market
Investors seem less optimistic about a cessation of hostilities in Ukraine.
Major Asian and European markets ended mixed.
Final read on Q4 GDP came just shy of consensus estimates at 6.90% vs 7.1% (expected).
The ADP Employment Report showed 455,000 private-sector jobs were created in March.
US 10 Year Bond Yield ticked lower to 2.358%, down 1.67%.
WTI crude oil close today at $107.82/barrel, up 3.43%.
This week's EIA Petroleum Status report came in at -2.50 million barrels vs -3.50 million barrels in the prior week.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended moderately lower today, as optimism wanes for a cease-fire in Ukraine. The Dow lost 65.38 points, Nasdaq fell 177.36 points, and the S&P fell 29.15 points. Total NYSE volume traded was a light 4.42 billion shares. Declining shares outpaced Advancing shares by 1.34:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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