Wednesday's Market Recap - Stocks Faded Another Strong Morning Rally.
- cashtonsaunders
- May 11, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, May 11, 2022, 7:00 AM.
US stock futures were mostly higher at the 7:00 AM hour. Dow futures were up 287 points, Nasdaq futures were up 172 points, and S&P futures were up 45 points. Asian markets were higher in their sessions overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.993%, down 0.0860%.
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $103.19/barrel, up 3.44%.
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 higher. Japan (Nikkei 225) up 0.18%, Shanghai 0.75%, Hong Kong (Hang Seng) 0.82%.
Major European markets were convincingly higher in their session. German (DAX) up 2.17%, France CAC 40 up 2.50%, London FTSE 100 up 1.44%.
Market And Sector Dynamics
Stocks were mostly flat at the start of trading today. The Dow was up 3 points, Nasdaq down 38 points, and the S&P down 11 points. WTI crude oil started the day off higher at $104.04/barrel, and the US 10 Year Bond, was up 4.3 basis points, to 3.0360%.
Markets turned higher after the release of April CPI which came in slightly less than was expected, giving some indication that inflation may have peaked.
The markets appeared comfortably higher during the morning session, with the Dow up 420 points one hour and fifteen minutes after the start of trading. Stocks remained elevated, before losing steam in the early afternoon, with the selloff accelerating into the close of trading.
Eight of the eleven S&P sectors ended today with losses, led by Consumer Discretionary, Technology, Communication Services, Financials, Industrials, Healthcare, Consumer Staples, and Real Estate. Energy, Utilities, and Basic Materials finished higher.
Factors Influencing Today's Market
April CPI rose 8.3% year over year, slightly lower than the 8.5% in March.
US 10 Year Bond Yield ended the day at 2.925%, down 2.15%.
WTI crude oil price closed at $105.59/barrel, up 5.84%.
This week's EIA Petroleum Status Report showed US crude oil inventories increased by 8.5 million barrels vs 1.3 million barrels, in the prior week.
Market Close Volume Traded And Advance Decline Ratio
Stocks lost ground again today, as the bear market selloff continues. The Dow plunged 326.63 points, Nasdaq plunged 373.44 points, and the S&P lost 65.87 points. Total NYSE volume traded was a moderate 5.83 billion shares. Declining shares outpaced Advancing shares 2.30:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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