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Market Snapshot
briefing.com
| Dow | 32357.68 | -541.69 | (-1.65%) | | Nasdaq | 11660.97 | -483.69 | (-3.98%) | | SP 500 | 4005.33 | -118.01 | (-2.86%) | | 10-yr Note | +28/32 | 3.056 |
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| | NYSE | Adv 450 | Dec 2783 | Vol 733.4 mln | | Nasdaq | Adv 824 | Dec 3452 | Vol 4.7 bln |
Industry Watch
| Strong: Consumer Staples, Utilities |
| | Weak: Energy, Information Technology, Real Estate, Consumer Discretionary |
Moving the Market
-- Weak price action in mega-cap stocks
-- Festering growth concerns tied to rising interest rates, Russia's war in Ukraine, and China's COVID-related lockdowns
-- 10-yr yield briefly hits 3.20% prior to the open
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Crude futures settle lower by 6%
09-May-22 15:30 ET
Dow -541.69 at 32357.68, Nasdaq -483.69 at 11660.97, S&P -118.01 at 4005.33
[BRIEFING.COM] The S&P 500 is trading near session lows with a 2.9% decline and is fighting to stay above the 4,000 level.
One last look at the sector performances shows energy (-8.2%) tumbling 8% amid weaker oil prices, followed by less (but still) sharp declines in the consumer discretionary (-3.8%), information technology (-3.7%), and real estate (-3.7%) sectors.
WTI crude futures settled lower by $6.57 (-6.0%) to $103.43/barrel. On a related note, Saudi Arabia cut oil prices for Asian buyers due to weak demand resulting from coronavirus-related lockdowns in China, according to Bloomberg.
Holding above 4,000
09-May-22 15:00 ET
Dow -414.38 at 32484.99, Nasdaq -426.80 at 11717.86, S&P -99.26 at 4024.08
[BRIEFING.COM] The S&P 500 is currently down 2.6% to trade near session lows while the Russell 2000 is underperforming with a 4.1% decline.
Encouragingly, the S&P 500 has been able to maintain ground above the 4,000 level, which is a psychological level that has acted as strong support today. A break below this level could exacerbate the downbeat sentiment.
Looking ahead, AMC Entertainment (AMC 12.75, -1.02, -7.4%), Ring Central (RNG 70.16, -6.25, -8.2%), and Upstart (UPST 77.88, -5.99, 7.1%) will report earnings after the close. Note, shares of these companies are each down noticeably amid the general malaise in growth stocks.
Marathon Oil, energy names fall on crude losses; Newell Brands gains on consumer staples strength
09-May-22 14:30 ET
Dow -516.48 at 32382.89, Nasdaq -473.50 at 11671.16, S&P -113.50 at 4009.84
[BRIEFING.COM] The S&P 500 (-2.75%) is firmly in second place to this point on Monday, having moved mostly sideways in the last 30 minutes.
S&P 500 constituents Marathon Oil (MRO 24.19, -3.96, -14.07%), Illumina (ILMN 222.33, -26.72, -10.73%), and Norwegian Cruise Line (NCLH 16.42, -1.85, -10.13%) pepper the bottom of today's action. MRO underperforms alongside steep losses in crude oil prices, ILMN was the subject of a cautious Evercore ISI note, while NCLH is hurt alongside other names exposed to consumer spending.
Meanwhile, Atlanta-based household consumer products firm Newell Brands (NWL 24.59, +2.11, +9.39%) is today's top performer, aided in part by strength in consumer staples names (+0.57%).
Gold slips to start week
09-May-22 14:00 ET
Dow -466.77 at 32432.60, Nasdaq -447.73 at 11696.93, S&P -106.78 at 4016.56
[BRIEFING.COM] As we approach the final two hours of trading on Monday the tech-heavy Nasdaq Composite (-3.69%) holds a commanding lead for today's worst losses among the major averages.
Gold futures settled $26.20 lower (-1.3%) to $1,856.60/oz, finding their worst percentage losses in over a week.
Meanwhile, the U.S. Dollar Index is up about +0.1% to $103.74.
Boeing, Chevron pressure DJIA on Monday
09-May-22 13:30 ET
Dow -510.24 at 32389.13, Nasdaq -417.38 at 11727.28, S&P -103.92 at 4019.42
[BRIEFING.COM] The major averages have continued to consolidate their losses in the last half hour, the Dow Jones Industrial Average (-1.55%) holding the shallowest declines.
A look inside the DJIA shows that Boeing (BA 136.71, -12.19, -8.19%), Chevron (CVX 160.31, -10.38, -6.08%), and Caterpillar (CAT 206.38, -8.27, -3.85%) are among today's top laggards.
Conversely, big box retailer Walmart (WMT 152.76, +3.20, +2.14%) is today's top performer.
The DJIA now holds losses of about -1.78% on the month.
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