Wednesday's Market Recap - Stocks Finished Modestly Higher As Bond Yields Slides Lower.
- cashtonsaunders
- Jul 6, 2021
- 2 min read
What is The Premarket Telling Us?
July 7, 2021 7:30 AM.
Stock equity futures are mostly higher at this hour. Dow futures are up 17 points, Nasdaq futures up 84 points, and S&P futures up 7.5 points. Overnight, major Asian markets were mixed.
On The Bond Desk:
The US 10 Year Bond Yield 1.34%, down 3 basis points.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $74.58/barrel. up 1.65%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed again today. Japan (Nikkei 225) fell 0.96%, Shanghai up 0.66%, Hong Kong (Hang Seng) down 0.53%
Major European markets closed higher. German (DAX) gained 1.17%, France CAC 40 up 0.31%, London FTSE 100 up 0.71%.
Market And Sector Dynamics
Markets opened today's trading session modestly higher, with the Dow up 23 points, Nasdaq gained 62 points, and the S&P gained 9 points. WTI crude oil started the day modestly higher at $73.80/barrel, up 0.59%, and the US 10 Year Bond Yield fell to 1.336%, down 3.4 basis points.
The Dow turned lower shortly after the open, down135 points 90 minutes after the open, but returned to positive territory by noon, and traded in a narrow range above the flat line for the rest of the session into the close. Energy was down today, as uncertainty around OPEC plus, failure to come to an agreement on production cuts. The US 10 Year Bond remains subdued, as markets await the Feds minutes due shortly after 2:00 PM.
Market did not respond after the Fed minutes were released, because they were consistent the policy decisions communicated by Chair Powell, at his last press conference.to
Trading was mostly balanced in today's session. Eight of the eleven S&P sectors ended with gains, led by Basic Materials, Industrials, Healthcare, Utilities, Consumer Staples, Real Estate, Technology, and Financials. Energy, Communication Services, and Consumer Discretionary ended lower.
Factors Influencing Today's Market
Nothing in the FOMC minutes released today moved the markets in the session.
Asian markets ended mixed, while European stocks ended with gains.
US 10 Year Bond Yield ended today at 1.306%, down 1.26%.
WTI crude oil price closed at $71.91/barrel, down 0.28%.
The May JOLTS (Job Openings) came in at 9.209 million jobs vs 6.300 million consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the major indexes were modestly higher. The Dow gained 104.42 points, Nasdaq added 1.42 points, and the S&P gained 14.59 points. Total NYSE volume traded, a modest 4.07 billion shares. Declining shares outpaced Declining shares by 1.08:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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