Tuesday's Market Recap - Dow Down Triple Digits On Earnings Miss By Toll Brothers, And Worry Abo

What is The Premarket Telling Us?

7:00 AM.

US stock index futures are mixed at this hour. Dow futures up 62 points, Nasdaq futures down 20 points, and S&P futures up 1.75 points. Investors may be having second thoughts about the effects of the tax cut bill, currently being reconciled by the House and the Senate. The bill is unpopular with the public, and many so called 'blue States', eg: New York, New Jersey, Connecticut, California and others, will be adversely affected by provisions in the bill that removes the deduction of State, and local taxes (SALT) from Federal income taxes.

On The Bond Desk:

The US 10 year bond yield sits at 2.38%, up 0.02%, or 2 basis points.

Currency Desk:

Euro dollar at 1.18

UK Pound at 1.34

Crude Oil:

WTI crude oil futures 57.73/barrel, down 0.45%

On the Earnings Calendar:

Luxury homebuilder, Toll Brother, reported disappointing Q3 Earnings results, before the bell this morning. The company missed earnings and revenue expectations.

In M&A News:

Reports are, that the Disney purchase of certain assets from Twentieth Century Fox may be nearing a deal.

What About The Asian And European Markets?

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Asian markets were mostly lower overnight; Japan (Nikkei 225) lower by 0.37%, Shanghai Hong Kong (Hang Seng) down 1.01%.

European markets closed modestly lower in the session; Germany DAX down 0.08%, France CAC 40 loss 0.26%, London FTSE 100 fell 0.06%.

Market And Sector Dynamics

US stocks opened mixed, with the Dow up 37 points, Nasdaq fell 2 points, and the S&P rose 2 points. Except for two brief moments in positive territory during the morning session, stocks were negative for most of today's session. Technology stocks did try to mount a rally, pushing the Nasdaq higher intraday. In the end all three major US indices faded as the session progressed.

Nine of the eleven S&P sectors ended the day with losses. Utilities, Basic materials, telecommunications, consumer cyclicals, industrials, financials and healthcare outperformed to the downside.

Factors Influencing Today's Market

• Crude oil traded modestly lower in today's session. WTI crude oil closed at $57.45/barrel, down 0.03%.

• Disney potential purchase of some Fox assets is getting serious.

• November ISM Non-Manufacturing Index came in a 57.4 which was lower than the 59.0 that was expected.

• November PMI Services Index also came in slightly lighter than expected, at 54.5 vs 54.7.

• Homebuilder, Toll Brothers misses Q3 Earning expectations.

• Worry about effects of the new tax bill.

Market Close Volume Traded And Advance Decline Ratio

At the close of session the Dow lost 109.41 points, Nasdaq fell 13.15 points, and S&P fell 9.87 points. Total NYSE volume traded, 3.36 billion shares. Advancing and Declining shares were even.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.