Thursday's Market Recap - Dow Rally Moderated 'Bigly' After News Of Special Counsel Subp
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed at this hour. Dow futures higher by 35 points, Nasdaq futures down 1.25 point, and S&P futures up 1 point.
Toys R Us, the toy retailer has filed for bankruptcy. The company will liquidate all its remaining.
iHeartMedia fies for Chapter 11, Bankruptcy Protection.
On The Bond Desk:
The US 10 year bond yield at 2.82% , unchanged.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.39
Crude Oil:
WTI crude oil futures at $60.97/barrel, up 0.02%.
On the Earnings Calendar:
None
In M&A News:
Streaming music service provider, Spotify, will is planning to go public on April 3rd., with Direct Public listing, bypassing any investment bank or middle man, and going straight to the exchange.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 0.87%, Shanghai down 0.92%, Hong Kong (Hang Seng) 0.34%
European markets were higher. Germany (DAX) up 0.88%, France CAC 40 up 0.65%, London FTSE 100 up 0.10%
Market And Sector Dynamics
Stock started the trading day with gains, led mostly by financials and energy stocks, responding to the release of strong economic data. US jobless, fell 4000 to a total of 226,000, signaling a strong and healthy job market. March Empire State Manufacturing Survey came in very hot, at 22.5 vs 15.0 estimated.
Stocks climbed to the high of the day by mid-morning, with the Dow up more than 300 points, and continued hold close to that level, until near 2:00 PM., when news broke that a Special Counsel subpoena for documents and records from the Trump organisation in the last few weeks. Stocks fell precipitously, on that news.
Stocks managed to hold on to about a third of the mornings gains, into the close. Trading was volatile but orderly, with nine of the S&P sectors, losing ground during the session. Energy, basic materials, consumer goods, and technology were the laggards.
Factors Influencing Today's Market
News of Special Counsel, Robert Mueller subpoena to the Trump organization.
Toys R US filing for bankruptcy, and liquidating all its stores.
iHeartMedia announcement that it is filing for Chapter 11 Bankruptcy Protection.
US Jobless Claims fell 4000 for a total of 226,000 claims.
The Spotify proposed Direct Public Listing will be on April 3rd.
Crude oil was modestly higher in the session. WTI crude oil closed at $61.19/barrel, up 0.38%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow gained 115.54 points, Nasdaq down 15.07 points, S&P shed 2.15 points. Total NYSE volume traded, 3.45 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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