Wednesday's Market Tear Sheet - Stock Markets End August With A Heavy Thud
- cashtonsaunders
- Aug 31, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, August 31, 2022, 7:12 AM.
Stock futures were slightly positive in the early going. Dow futures were up 11 points, Nasdaq futures were up 70 points, and S&P futures up 8 points. Major Asian markets ended lower.
On The Bond Desk:
The US 10-Year Bond Yield at 3.110% unchanged since the prior close.
Currency Desk:
Eurodollar: 0.99
UK Pound: 1.16
Crude Oil:
WTI crude oil futures at $88.93/barrel, down 2.96%.
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 lower. Japan (Nikkei 225) down 0.37%, Shanghai down 0.78%, Hong Kong (Hang Seng) down 0.10%.
Major European markets closed lower. German (DAX) down 0.97%, France CAC 40 down 1.37%, London FTSE 100 down 1.05%.
Market And Sector Dynamics
US stocks opened mixed on Wednesday with the Dow down 38 points, Nasdaq gaining 52 points, and the S&P gaining 3 points. Fifteen minutes after the opening the Dow was up 170 points, the intraday high. Markets turned lower a few minutes later and gradually trended lower during the session.
While the commodity, crude oil pulled back today, the US 2 Year and 10 Year Bonds rallied, stoking the fear of recession, causing a pullback of high growth, and high technology stocks, which sent the major indexes lower.
All eleven S&P sectors ended today's session with losses, led by Basic Materials, Consumer Discretionary, Technology, Energy, Financials, Industrials, Utilities, Healthcare, Consumer Staples, and Real Estate. Communication Services ended flat.
Factors Influencing Today's Market
ADP Private Payroll report showed 132,000 private sector jobs were created during August vs 225,000 expected.
August Chicago PMI was mostly as expected, unchanged at 52.20 vs 52.1 reading for July.
US 10-Year Bond Yield ended today at 3.194%, up 2.66%.
This week's EIA Petroleum Status Report showed US crude oil inventories fell (-3.3) million barrels vs (-3.3) million barrels last week.
WTI crude oil price ended today at $89.11/barrel, down 2.76%.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed for the day, all three major US indexes were again lower. The Dow sank 280.44 points, Nasdaq sank 66.93 points, and S&P fell 31.16 points. Total NYSE volume traded was a modest 4.66 billion shares. Declining shares outpaced Advancing shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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