Wednesday's Market Recap - Dow Modestly Lower, As Volatility Continues.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are down this morning, indicating stock will open lower, when trading begins. Dow futures are down 155 points, Nasdaq futures down 42 points, and S&P down 18 points. Clearly, markets are still in the process of trying to find a bottom.
On The Bond Desk:
The US 10 year bond yield at: 2.77% , down 0.02% or two basis points.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $63.20/barrel, down 0.30%
On the Earnings Calendar:
Disney reported better than expected Quarterly Earnings performance,after the close yesterday, led by strong results from its theme parks.
In M&A News:
Steve Wynn, Chairman & CEO of Wynn Resorts, has stepped down amid allegations of sexual misconduct.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) up 0.16%, Shanghai down 1.82%, Hong Kong (Hang Seng) down 0.89%.
European markets were all positive in today's trading . Germany (DAX) up 1.60%, France CAC 40 1.82%, London FTSE 100 1.93%.
Market And Sector Dynamics
Stock opened the trading day lower. Dow down 120 points, Nasdaq down 20 points, and the S&P down 5 points. Crude oil is trading modestly higher, with $63.48/barrel, up 0.13%.
Markets recovered a short while later, with the Dow soaring over 350 points, repeating the volatility of the last few days, as the markets are trying to finding a bottom. Stocks continued this up an down trading pattern, intraday, falling modestly into negative territory, just before the close.
Ten of eleven S&P sectors closed the session with gains. Energy, technology, basic materials, telecommunications services, financials, and healthcare, were the main laggards.
Factors Influencing Today's Market
Crude oil traded lower in today's session. WTI crude oil close down 3.44%, at $61.67/barrel.
This week's crude oil inventory rose 1.90 million barrels. This is the second week of inventory build, after 11 straight weeks of draw downs.
Disney reports better than expected quarterly earnings performance.
Market volatility continues as stock try to find a bottom.
Wynn Resorts Chairman & CEO stepped down from the company today, amid allegations of sexual misconduct.
The US$ has strengthened against other currencies.
The US 10 year bond yield tick higher later this afternoon, and may have accounted for the sudden market selloff, just before the close of trading.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, markets were modestly lower. The Dow fell 19.42 points, Nasdaq lost 63.90 points, the S&P lost 13.48 points. Total NYSE volume traded, 4.59 billion shares. Advancing shares and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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