Wednesday's Market Recap - Stocks Soldoff Sharply As More Stimulus Seem Unlikely Before Election.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately higher at this hour, indicating a positive open. Dow futures are up 203 points, Nasdaq futures up 40 points, and the S&P up 16 points. Asian markets closed mixed in their session.
On The Bond Desk:
Currency Desk:. Bond Yield at 0.66%, down 0.01%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $39.95/barrel, up 0.38%.
On the Earnings Calendar:
Nike demolishes its quarterly earning results by blowing out earnings and revenues expectations.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) down 0.06%, Shanghai up 0.17%, Hong Kong (Hang Seng) up 0.11%.
Major European markets. German (DAX) up 0.39%, France CAC 40 up 0.62%, London FTSE 100 up 1.20%.
Market And Sector Dynamics
Markets opened with gains. The Dow rose 140 points, Nasdaq down 5 points, and the S&P rose 6 points. WTI crude oil is off to a modest start at $40.02/barrel, up 0.55%, and the US 10 Year up 0.674%.
At the high of the day, the Dow was up 150 points, in the early going, as investors cheer Nike's blowout earnings performance, as well as news from the drugmaker, Johnson & Johnson stating they have started their phase 3 covid-19 one dose vaccine clinical.
Markets turned negative midway through the session, and remained that way, and cascaded even lower during the afternoon session.
Today's selloff was broad-based and brutal, with all eleven S&P sectors ending with losses, led by Technology, Consumer Discretionary, Basic Materials, and Energy.
Factors Influencing Markets Today
Johnson and Johnson announces phase 3 clinical trials for their one dose Covid-19 vaccine.
Nike reported blowout quarterly earning results, handily beating earnings, and revenue expectations.
August PMI Manufacturing came in better than expected, indicating an improving manufacturing data.
US 10 Year Bond Yield closed at 0.667%, up 0.97%.
WTI crude oil closed the day at $39.93/barrel, up 0.83%
This week's EIA Petroleum Status Report shows US crude oil inventories fell -1.6 million barrels.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed on Wednesday, the Dow sank 525.06 points, Nasdaq lost 330.66 points, and the S&P gained lost 78.65 points. Total NYSE volume traded - over 4.58 billion shares. Declining shares outpaced Advancing shares nearly 9:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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