Tuesday's Market Recap. Dow Down More Than 300 Points, Recording Second Day Of Losses.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are triple digit negative this morning. Dow futures down 262 points, Nasdaq futures down 30 points, and S&P futures down 12 points.
On The Bond Desk:
US 10 year bond yield at 2.70%, up 0.04% or four basis points.
Currency Desk:
Euro dollar at 1.24
UK Pound at 1.41
Crude Oil:
WTI crude oil futures at $64.98/barrel, down 0.58%.
On the Earnings Calendar:
Pfizer and McDonald's reports strong 4 Qtr. Earning results, before the bell.
In M&A News:
JP Morgan, Berkshire Hathaway, and Amazon announced today they will be teaming up to help lower US healthcare, in what they describe as a not-for-profit model.
What About The Asian And European Markets?
Major Asian markets closed with losses . Japan (Nikkei 225) down 1.43%, Shanghai fell 0.99%, Hong Kong (Hang Seng) down 1.09%.
Major European markets closed lower, in their session. Germany (DAX) down 0.95%, France CAC 40 fell 0.87%, London FTSE 100 down 1.09%.
Market And Sector Dynamics
Stocks opened with solid losses to begin the trading day. The Dow lost 264 points, Nasdaq lost 75 points, and the S&P lost 24 points.
Today's market was dominated by the Amazon, Berskshire Hathaway, JP Morgan news to create a not-for-profit consortium, task with reducing healthcare cost. Despite sparse details, healthcare stock, like United Healthcare and others fell hard. Shares of drug store chains, Walgreen's, CVS, and other drug retailers closed the session significantly lower.
Today's selloff was orderly, with nine of the eleven S&P sectors traded lower in today's session. Energy, healthcare, basic materials, technology and financials, were the major losers.
Factors Influencing Today's Market
Amazon, Berkshire Hathaway, and JP Morgan announcement to form a consortium to lower US healthcare cost.
Strong 4 Qtr. Earnings results from Pfizer and McDonald's.
Asian and European traded lower in their respective sessions.
US 10 year bond yield remains above the 2.70% level, and investors are paying close attention.
Crude oil prices fell moderately in the session. WTI crude oil closed at $64.50/barrel, down 1.62%.
January's read on Consumer Confidence rose a strong 125.4 vs 123.6 expected.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading markets tanked. The Dow sank 362.59 points, Nasdaq fell 64.02 points, S&P fell 31.10 points . Total NYSE volume traded, 3.91 billion shares. Declining shares outpaced Advancing shares by 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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