Tuesday's Market Recap - Stocks Higher Even As Facebook Shares Continue To Decline.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are not showing much conviction one way or the other this morning. Dow futures are currently lower by 6 points, Nasdaq futures down 6 points, and the S&P futures up a modest 2.50 points. Futures mostly improved in the premarket session, which led to stocks opening decidedly higher. Today the Fed/FOMC begins its March meeting, where investors are expecting a twenty-five basis point hike in interest rates. New Fed Chair, Jerome Powell will conduct his first press conference since being appointed.
Facebook is looking to continue its slide, as indicated by the premarket. Oracle is also adding pressure to the markets. The company's cloud and software business, disappointed investors.
On The Bond Desk:
The US 10 year bond yield at: 2.84%.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.40
Crude Oil:
WTI crude oil futures at $62.76/barrel, up 1.01%
On the Earnings Calendar:
Oracle reports after the close of trading yesterday evening. The company met earnings and revenue estimates, but software and cloud business disappointed investors.
In M&A News:
Rumor has hit that Salesforce.com is in talks to buy MuleSoft.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) lower by 0.47%, Shanghai up 0.35%, Hong Kong (Hang Seng) added 0.11%.
Major European markets were higher. Germany (DAX) up 0.74%, France CAC 40 up 0.57%, London FTSE 100 fell 0.26%.
Market And Sector Dynamics
With much relief, US stocks opened the trading day solidly higher. The Dow rose 98.75 points, Nasdaq rose 11.33 points, and S&P rose 7.04 points. A moderate rebound from yesterday's selloff. Facebook continues to trade lower, so is Oracle, whose earnings report disappointed investors after the bell yesterday.
Stocks climbed higher during today's session, with the Dow reaching a high of nearly 200 points, led by shares of energy, and consumer discretionary companies.
Six of eleven S&P sectors closed the session with gains. Energy, consumer discretionary, industrials, and financials. Telecommunication Services, utilities, and consumer staples were lower.
Factors Influencing Today's Market
Crude oil prices rose in today's session. WTI crude oil prices close at $63.40/barrel, up 2.16%.
Facebook shares continued to decline, as fallout from alleged misuse of it member data roil markets.
Disappointing quarterly earnings from Oracle.
Twitter shares also declined in today's session.
Reports that Salesforce.com may be buying MuleSoft.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, all three major indices were moderately higher. The Dow gained 116.36 points, Nasdaq rose 20.06 points, and the S&P added 4.02 points. Total NYSE volume traded, 3.22 billion shares. Declining shares outpaced Advancing shares better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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