Wednesday's Market Recap - Dow Sinks Three Days In A Row As Trade Fears Worry Investors.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are all higher, again this morning, indicating stock will open in positive territory. The question for investors, is will markets be able to hold on to these morning gains? For the last two days, they have been unable to do so.
Dow futures are currently up 91 points, Nasdaq futures up 31.75 points, S&P futures up 7.75 points.
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February Retail Sales came in weaker than expected.
On The Bond Desk:
The US 10 year bond yield sits at: 2.85%.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.39
Crude Oil:
WTI crude oil futures at $61.13/barrel, up 0.69%
On the Earnings Calendar:
Specialty retailer, William-Sonoma, beat 4th. Quarter earning performance. The company beats both earnings and revenue expectations, and increased its dividends and buy back programs.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed lower overnight. Japan (Nikkei 225) down 0.87%, Shanghai down 0.57%, Hong Kong (Hang Seng) down 0.53%.
European markets were mostly lower. Germany (DAX) up 0.14%, France CAC 40 down 0.18%, London FTSE 100 down 0.09%.
Market And Sector Dynamics
Stocks opened the trading session higher. The Dow gained 120 points, Nasdaq added 28 points, and the S&P rose 9 points. Utilities, and telecommunications services are led the markets. Boeing is falling again today, putting pressure on the Dow.
Investor are worried about trade wars coming out of China, affecting large industrials like Boeing, as well as US large technology stocks, such as Apple, and other that have a large exposure to China.
Markets turned lower mid-morning, hitting the low of the day around noon - Dow down near 340 points around noon. Stock recovered some of those earlier losses, by mid-a'sfternoon, but lost momentum, and sank again, closing about 100 points off the low of the day.
Today's selloff was broad-based, market tone was negative. Nine of the eleven S&P sectors closed with losses, led by industrials, consumer goods, financials, healthcare, basic materials, and energy. Utilities, and real estate closed higher.
Factors Influencing Today's Market
February's PPI rose a modest 0.20%.
February Retail Sales missed expectations, rose -0.1% vs 0.4%.
Fears that Boeing and other large US Industrials corporations could be adversely affected by recently introduced tariffs, and potential blow back for China.
Crude oil traded higher in the session. WTI crude oil closed at $60.96/barrel, up 0.41%.
This week's Crude oil inventories rose 5 million barrels to 430.9 million barrels. (Inventory build).
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the Dow was down 248.91 points, lower for the third day in a row. Nasdaq fell 14.20 points, and the S&P shed 15.83 points. Total NYSE volume traded, 3.32 billion shares. Declining shares outpaced Advancing shares better than even.led by
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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