Friday's Market Recap - Stock Down Again On Talk Of Tariffs And Trade Wars.
What is The Premarket Telling Us?
7:00 AM
US stock futures are indicating a triple digit selloff at the open. Dow futures down 219.00 points, Nasdaq futures down 60.75 points, and the S&P futures down 16.50 points. President Trump's impromptu Tariff tantrum is causing reverberations across the globe, from Europe, to the Far East, Mexico, and Canada.
On The Bond Desk:
The US 10 year bond yield sits at: % , up 2.80%, unchanged.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.37
Crude Oil:
WTI crude oil futures at $60.87 /barrel, down 0.20%
On the Earnings Calendar:
Retailers, JCPenny, and Foot Locker, reported disappointing quarterly financial results.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded lower on Friday. Japan (Nikkei 225) down 2.50%, Shanghai lost 0.59%, Hong Kong (Hang Seng) sank 1.48%.
European markets also lost ground in their session. Germany (DAX) lost 2.27%, France CAC 40 gave up 2.39%, London FTSE 100 fell 1.47%.
Market And Sector Dynamics
Stocks opened the trading day triple digit lower, with the Dow down 200 points, Nasdaq lost 57 points, and the S&P down 17 points. The sell of is global, with Asian stocks down overnight, and European markets are all negative early in their session.
The selloff is broad based, with Declining shares outpacing Advancing shares 7:1. Fifteen minutes after the open, the Dow was down 351 points, as investors tried to decipher the effects of the president's tariff talk, and possible retaliation from China, Canada, the European, and Mexico, leading to a all out trade war.
Markets bounced off the morning lows, just after 11:00 AM, led mostly by big technology, finding upside momentum during the rest of the session, but not enough to make it into positive territory.
Eight of the eleven S&P sectors close the day with losses. Consumer goods, healthcare, technology, telecommunications services, and energy, were the outperformers.
Factors Influencing Today's Market
Fallout from the president's tariff announcement, and the global response to center state today.
Crude oil was modestly higher in today's trading. WTI crude oil closed at $61.25/barrel, up 0.43%.
This week's Baker Hughes Oil Rig count rose 1 to 800 total rigs.
Disappointing quarterly earnings results from JCPenny, and Foot Locker.
Asian and European markets closed with losses.
Market Close Volume Traded And Advance Decline Ratio
At today's close the markets were mixed, as the Dow recovered from deep intraday lows, to closed down 70.92 points, Nasdaq gained 71.31 points, while the S&P added 13.58 points. Total NYSE volume traded,, a moderated 3.71 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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