Market Wrap – Apple Pulls Back From Record Highs, Markets Fall With it

In today’s post market wrap live from the Meta trading room traders discussed US stock and futures markets along with the Apple run, oil and natural gas through charts and crowd behavior. Listen to how how the day unfolded, earnings and what the charts were telling us. Our traders discuss what to expect and watch for overnight through to the Fed Wednesday

Live on YouTube:

Enjoy live commentary from Our Trading Room at YouTube as the day wraps up – feel free to like and share

Its been all about Apple which nearly reached a $3.0 trillion market capitalization after JP Morgan raised its price target on AAPL to a Street-high of $210. The firm also reiterated the stock with an Overweight rating and a “top pick into 2022.” AAPL reversed sharply off those highs to close lower alongside the other mega-caps, (AAPL 175.74, -3.71, -2.1%).

Market Closes

  • WTI crude futures decreased 0.6%, or $0.46, to $71.24/bbl.
  • U.S. Dollar Index rose 0.3% to 96.36
  • Dow industrial average fell 0.9% or -320.04 at 35650.95,
  • S&P index fell 0.9%% at 4667.44 or -43.05 at 4668.97
  • NASDAQ index fell -1.4% or -217.32 at 15413.27
  • Russell 2000 index fell -1.4%

S&P 500 sector watch:

  • Cyclical S&P 500 energy (-2.8%), consumer discretionary (-2.4%), and financials (-1.2%) sectors underperformed with the information technology sector (-1.6%).
  • Defensive areas gained with the real estate (+1.3%), utilities (+1.2%), consumer staples (+1.2%), and health care (+0.9%) sectors higher. 

Markets YTD

  • S&P 500 +24.3% YTD
  • Nasdaq Composite +19.6% YTD
  • Dow Jones Industrial Average +16.5% YTD
  • Russell 2000 +10.4% YTD

Bonds

In the Treasury market, the 10-yr yield declined seven basis points to 1.42% while the 2-yr yield declined two basis points to 0.64%. Flattening the curve and corroborating growth concerns.

News Highlights

Tomorrow Data Watch

  • 08:30   Core CPI (Nov)                  
  • 08:30   CPI (MoM) (Nov)             
  • 08:30    Real Earnings (MoM) (Nov)         
  • 10:00    Michigan 5-Year Inflation Expectations (Dec)        
  • 10:00    Michigan Consumer Expectations (Dec)                   
  • 10:00    Michigan Consumer Sentiment (Dec)        
  • 10:00    Michigan Current Conditions (Dec)            
  • 10:00    Michigan Inflation Expectations (Dec) 
  • 11:00    Cleveland CPI (MoM) (Nov)
  • 13:00    U.S. Baker Hughes Oil Rig Count
  • 13:00    U.S. Baker Hughes Total Rig Count
  • 14:00 Federal Budget Balance (Nov)

Friday Earnings Include

  • Centene Investor meeting

Trust you all had a great day, sleep well and get your trading plan sorted.

Any questions please feel free to ask them below. Trade Smart!