Tuesday's Market Recap - Volatile Day As Investors Digest Encouraging News From North Korea, And
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all green this morning, indicating markets will be positive at the open. Dow futures up 150 points, Nasdaq futures up 43.75 points, S&P futures up 12.50 points. Markets are reacting to some good or encouraging news coming out of North Korea. It appears that talks between North Korea and South Korea officials, went well. South Korea officials have indicated that a summit, is planned for April, and that North Korea is interested in a deneuclearrised, Korean peninsula, as well talks with the United States.
On The Bond Desk:
The US 10 year bond yield at: 2.88% , unchanged.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $62.92/barrel, up 0.56%.
On the Earnings Calendar:
Target quarterly earning disappointed investors. The company's earning were a penny shy of expectations, but revenue and same store sales surpassed expectation. Shares of the company are lower, in the premarket.
In M&A News:
In a letter made public today, the US Government, through its CFIUS Agency, has declared that it sees the potential takeover of Qualcomm, as a security risk for the United States. This could signal the end of Broadcom's proposal to buy Qualcomm.
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) up 1.79%, Shanghai up 1.00%, Hong Kong (Hang Seng) up 2.09%.
European markets closed in the green . Germany (DAX) up 0.19%, France CAC 40 up 0.06%, London FTSE 100 0.43%.
Market And Sector Dynamics
Stocks started the trading day solidly higher. The Dow jumped 108.53 points, Nasdaq gained 36 points, and the S&P added 10 points. Investor may betting that the strong push back on the president's steel and aluminium tariff, from many industry players, and a growing number of members of congress, could force the president to change course.
By late morning, stocks were well into negative territory, with the Dow down more than 100 points. Stock returned to positive territory in the early afternoon, with the Dow trading in a tight range on either side of the flat line, into the close.
Despite the today's volatility, nine of the eleven S&P sectors closed the session with gains, led by basic materials, consumer goods, technology, and industrials, and financials.
Factors Influencing Today's Market
Positive news coming out of South Korea, suggesting that the North Korean regime may be interest in talks to denuclearize the penindula.
Investor concerns around trade tariffs, and potential trade wars.
Crude oil traded modestly higher in the session. WTI crude oil closed at $62.60/barrel, up 0.05%.
January Factory Orders fell more than expected. Actual -1.4% vs -1.30%.
Asian and European markets close higher in their session.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the markets closed modestly higher. The Dow added 9.36 points, the Nasdaq added 41.30 points, and the S&P 7.18 points. Total NYSE volume traded, 3.21 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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