Wednesday's Market Tear Sheet - Stocks Rallied For A Second Day ToBuild On Yesterday's Gains.
- cashtonsaunders
- Jul 20, 2022
- 2 min read
What is The Premarket Telling Us?
Wednesday, July 20, 2022, 7:15 AM.
US stock futures appeared most flat early in the premarket. Dow futures were down 63 points, Nasdaq futures down 10 points, and S&P down 7 points. Major Asian markets ended higher in their sessions.
On The Bond Desk:
The US 10-Year Bond Yield at 3.019%, up 0.0590%.
Currency Desk:
Eurodollar: 1.01
UK Pound: 1.19
Crude Oil:
WTI crude oil futures at $99.14/barrel, down 1.59%.
On the Earnings Calendar:
Tesla reports quarterly earnings after the closing bell today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended higher Japan (Nikkei 225) up 2.67%, Shanghai up 0.77%, Hong Kong (Hang Seng) up 1.10 %.
Major European markets closed modestly lower. German (DAX) down 0.20%, France CAC 40 lost 0.27%, London FTSE 100 down 0.44%.
Market And Sector Dynamics
The markets started off the trading day flat. The Dow was down 30 points, Nasdaq down 2 points, and the S&P down 3 points. WTI crude oil also started off lower, at 102.65/barrel, down 1.51%, as did the US 10 Year Bond Yield which hovered at 2.961% at the start.
Investors were clearly inclined to hold on to yesterday's dramatic gains. Better than expected or less bad earnings from streaming giant, Netflix have provided positive sentiment for today's markets, pulling other shares such as Disney higher in the session. The company beat earnings estimates on the top and bottom line, and subscriber losses were 970,000 compared to the 2 million that was estimated.
Stocks were down early in the morning session with the Dow down 160 points shortly after 10:00 AM. The Dow turned higher by mid-morning only to turn lower again in the early afternoon, the Dow down 150 points after a news report suggested Google would be laying off employees. An hour before the close of trading the major index was back in positive territory and held that position into the close.
Seven of the eleven S&P sectors closed today's session with gains, led by Consumer Discretionary, Technology, Energy, Communications Services, Industrials, Financials, and Basic Materials. Utilities, Healthcare, Consumer Staples, and Real Estate ended lower.
Factors Influencing Today's Market
Better than expected quarterly earnings from Netflix were a positive market sentiment for today's session.
Joining a decline in June's Housing Starts & Permits reported yesterday, today, existing Home Sales for June also declined. confirming the housing market is slowing.
Asian markets ended with gains today, while European markets were lower.
US 10 Year Bond Yield ended today at 3.03%, up 0.06%.
WTI crude oil closed at $99.62/barrel, down 1.11%.
Market Close Volume Traded And Advance Decline Ratio
US markets were up for a second consecutive day. At the close of trading the Dow gained 47.79 points, Nasdaq gained 184.50 points, and S&P gained 23.21 points. Total NYSE volume traded was a light 4.25 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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