Monday's Market Recap - Dow Down 157 Points, In Mixed Session As Retaliation To Tariffs Worry In
What is The Premarket Telling Us?
US stock index futures are higher ahead of the bell. Dow futures up 104 point, Nasdaq futures up 41.50 points, and the S&P up 11 points.
Investors received news this morning about, succession plans, at Goldman Sachs. Co-Chief Operating Officer, David Solomon has been named the sole President of the firm, and is inline, be the next CEO, to replace current CEO, Lloyd Blankfein, when the time comes.
News broke this morning that Broadcom has failed to follow some CFIUS guidelines, in its attempt to acquire Qualcomm. This makes this deal, even more unlikely.
On The Bond Desk:
The US 10 year bond yield at: 2.89%, unchanged.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $61.73/barrel, down 0.50%
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were up. Japan (Nikkei 225) gained 1.65%, Shanghai up 0.59%, Hong Kong (Hang Seng) rose 1.93%
European markets closed mixed.. Germany (DAX) up 0.58%, France CAC 40 up 0.04%, London FTSE 100 down 0.13%.
Market And Sector Dynamics
Markets opened the trading day higher, continuing the upward momentum of last Friday's gains. The Dow rose 39.29 points, Nasdaq gained 18.02 points, and S&P added 3.68 points. Market breath currently, 3:2 Advancing over Declining shares. Technology and banks, led markets in the early going.
Investor seems to have taken the announced succession plan at Goldman Sachs, as a positive, for markets, helping to push bank stocks higher. The Dow climbed 113 points in the morning, but by slowly lost momentum, under pressure from Boeing and Caterpillar. At the low the Dow was down 160 points.
Stocks tried to stage a comeback, and hour before the close, but the rally fizzled, with the major index closing just off the low of the day.
Six of the eleven S&P sectors close the session with modest gains, led by utilities, technology, and basic materials. Industrials, and telecommunications services, led the session lower.
Factors Influencing Today's Market
Crude oil prices fell in today's session. WTI Crude oil closed at $61.30/barrel, down 1.38%.
Goldman Sachs, announced succession plan.
New announcement from CFIUS all but sinking Broadcom's proposed hostile bid for Qualcomm.
Asian and European markets were mostly higher in their sessions.
Retaliation to steel and aluminium tariffs remains a concern for investors.
Market Close Volume Traded And Advance Decline Ratio
Market closed mixed in today's, session. The Dow fell 157.13 points, Nasdaq rose 27.51 points, S&P up 3.55 points. Total NYSE volume traded, 3.17 billion shares. Advancing shares just outpaced Declining shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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