Wednesday's Market Recap - Stocks Tumble As Investors Ponder What's Next For The US Recovery.
- Jun 9, 2021
- 2 min read
What is The Premarket Telling Us?
June 9, 2021 7:30 AM.
Mixed, is the apt description for US stock futures at this hour. Dow futures are down 16 points, Nasdaq futures 39 points, and S&P futures are up 4 points. Major Asian markets ended their sessions mixed, overnight.
On The Bond Desk:
The US 10 Year Bond Yield ticked lower to 1.506%, down 2.2 basis points.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $70.30/barrel, up 0.36%.
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 mixed. Japan (Nikkei 225) down 0.35%, Shanghai up 0.32%, Hong Kong (Hang Seng) down down 0.13%.
Major European markets closed mixed in their sessions. German (DAX) fell 0.38%, France CAC 40 up 0.19%, London FTSE 100 down 0.20%.
Market And Sector Dynamics
Markets got off to a modest positive start in today's session. The Dow gained 14 points, Nasdaq gained 63 points, and the S&P rose 8 points. Today's trading was mostly subdued, as investors tried to balance the fear of runaway inflation, and the ability of the Federal Reserve to keep the economy from overheating.
Over the last few days, investors have also seen a resurgence of the Reddit trader's short squeeze trade frenzy, extended to new targets like Wendy, and a few other companies with huge short interests. The frenzied trading in shares of GameStop, and AMC has also continued.
The Dow was mostly positive for the last two hours of the morning session, but turned negative in the early afternoon, and remained there for the rest of the session, to close at the low of the day.
In today's modest sell off seven of the eleven S&P sectors closed with losses, led by Financials, Industrials, Basic Materials, Energy, Consumer Discretionary, Consumer Staples, and Communication Services. Healthcare, Utilities, Real Estate, and Technology ended with modest gains.
Factors Influencing Today's Market
Asian and European markets ended mixed in their sessions.
US 10 Year Bond Yield closed at 1.452%, down 2.97%.
WTI crude oil prices closed today at $69.73/barrel, down 0.46%.
This week's EIA Petroleum Status Report showed a draw down of -5.4 million barrels, vs -5.1 billion barrels in the prior week.
Market Close Volume Traded And Advance Decline Ratio
The major indexes lost ground in today's trading. At the close of trading the Dow sank 152.68 points, Nasdaq fell 13.16 points, and the S&P lost 7.71 points. Total NYSE volume traded, a modest 4.72 billion shares. Declining shares outpaced Advancing shares by 1.10:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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