Wednesday's Market Recap - Stocks Took A Breather Today.
- cashtonsaunders
- Nov 17, 2021
- 2 min read
What is The Premarket Telling Us?
Wednesday November 17, 2021 7:24 AM.
US stock futures were mixed, two hours before the start of trading. Dow futures were down17 points, Nasdaq futures up 24 points, and S&P futures up a fraction 0.75 point.
On The Bond Desk:
The US 10 Year Bond Yield at 1.634%, up 0.011%.
Currency Desk:
Eurodollar: 1.13
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $80.22/barrel, down 0.67%.
On the Earnings Calendar:
Lowe's, and Target reported strong third quarter earnings results before the opening bell this morning.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets traded mixed overnight. Japan (Nikkei 225) down 0.40%, Shanghai up 0.44%, Hong Kong (Hang Seng) up down 0.38%.
Major European markets also traded mixed today. German (DAX) gained 0.02%, France CAC 40 up 0.06%, London FTSE 100 down 0.49%.
Market And Sector Dynamics
US stocks opened lower this morning. The Dow was down 63 points, Nasdaq fell 18 points, and the S&P lost 5 points. WTI crude oil dipped at the open to $79.95/barrel, down 1%. US 10 Year Bond Yield ticked up 0.3 basis points to 1.637%.
Shares of EV makers, except Tesla that have been red hot in the last few days, sold off hard in today's session, led by Rivlin, and Lucid. Shares of Visa have also sold off, after a report that Amazon would no longer accept Visa credit cards in the United Kingdom, beginning in January 2022.
The Dow traded below the flat line for the entire session, under pressure mostly from shares of Visa, which ended the day down nearly five percent.
Market bias was mostly positive today. Seven of the eleven S&P sectors ended with losses, led by Energy, Financials, Basic Materials, Industrials, Technology, Consumer Staples, and Communication Services. Real Estate, Consumer Discretionary, Healthcare, and Utilities were higher.
Factors Influencing Today's Market
Shares of new EV companies sold off heavily in the session, after big runs in the last few days, as investors speculate they may be overvalued.
Shares of Visa sold off today, after Amazon announced it will stop taking Visa in the UK, because the fees are exhorbitant.
Asian ended their day mixed, as did the European markets.
US 10 Year Bond closed at 1.585%, down 3.35%.
WTI crude oil closed today at $77.60/barrel, down 3.91%.
This week's US crude oil inventory fell 2.1 million barrels, compared to a build of 1 million barrels in the prior week.
Market Close Volume Traded And Advance Decline Ratio
The three major US indexes all ended lower in the session solidly lower. The Dow fell 211.17 points, Nasdaq fell 52.28 points, and the S&P lost 12.23 points. Total NYSE volume traded, a light 3.99 billion shares. Declining shares outpaced Advancing shares by 2.18:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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