Wednesday's Market Tear Sheet - Mild Rally Ahead Of Fed Chairman Powell's Jackson Hole Speech Friday
- cashtonsaunders
- Aug 23, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, August 24, 2022, 6:45 AM.
US stock index futures were flat, shortly before the seven o'clock hour. Dow futures down 16 points, Nasdaq futures down 9 points, and S&P down 1 point.
On The Bond Desk:
The US 10-Year Bond Yield at 3.054%, up 0.017%.
Currency Desk:
Eurodollar: 0.99
UK Pound: 1.17
Crude Oil:
WTI crude oil futures at $94.20/barrel, up 0.49%.
On the Earnings Calendar:
NVIDIA reports quarterly earnings after the close of trading today.
Salesforce also reports quarterly earnings after the close today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended lower today. Japan (Nikkei 225) 0.49 %, Shanghai down 1.86%, Hong Kong (Hang Seng) down 1.26%.
Major European markets closed mixed. German (DAX) up 0.20%, France CAC 40 up 0.39%, London FTSE 100 % down 0.22%.
Market And Sector Dynamics
US markets opened neutral this morning. The Dow was down 42 points, Nasdaq up 1 point, and S&P was down 4 points. WTI crude oil and the US 10 Year Bond got off to a slightly higher start, putting pressure on shares of high-tech growth companies, early in the session.
Stocks meandered in and out of positive territory for an hour after the opening, but gradually trended higher pushing the Dow to an intraday high, up 180 points around noon. Stocks retreated to the flat line in mid-afternoon, before rallying again into session close.
Today's rally was modestly positive and broad-based with all eleven S&P sectors ending the day with gains, led by Energy, Real Estate, Financials, Communication Services, Consumer Discretionary, Utilities, Industrials, Basic Materials, Consumer Staples, Healthcare, and Technology.
Factors Influencing Today's Market
Investors were eagerly waiting for Chairman Powell's speech in Jackson Hole on Friday.
Asian markets ended lower, while European markets ended mixed.
US 10 Year Bond Yield closed at 3.109%, up 1.65%.
WTI crude oil price ended today at $95.35/barrel, up 1.72%.
This week's EIA Petroleum Status Report showed US crude oil inventories drew down -3.3 million barrels, vs -7.1 million barrels.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, US markets were moderately higher. The Dow gained 59.64 points, Nasdaq gained 50.23 points, and the S&P added 12.04 points. Total NYSE volume traded was a light 3.61 billion shares. Advancing shares outpaced Declining shares by 1.71:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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