Tuesday's Market Recap - Another Late Day Selloff. Dow Down More Than 300 Points.
What is The Premarket Telling Us?
7:00 AM.
It does look like investors are planning to push markets higher again today, after yesterday's 600 plus points gain on the Dow.
US stock futures are all pointing higher. Dow futures up 126 points, Nasdaq futures up 60.50 points, and S&P futures up 15.25 points. Easing trade tensions with China, the yield on the 10 year remains subdued, and market fundamentals remains intact, at least for now.
On The Bond Desk:
The US 10 Year Bond Yield at 2.84%
Currency Desk:
Euro dollar: 1.24
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $65.74/barrel, up a modest 0.29%
On the Earnings Calendar:
Lululemon, the athletic wear retailer, reports quarterly financial results, after the closing bell.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were higher overnight. Japan (Nikkei 225) up 2.65%, Shanghai up 1.05%, Hong Kong (Hang Seng) rose 0.75%.
Major European markets closed higher. German (DAX) up 1.56%, France CAC 40 rose 0.98%, London FTSE 100 up 1.62%.
Market And Sector Dynamics
Market jumped off to another positive start. The Dow rose 48 points, Nasdaq rose 20 points, and S&P added 4 points. Shares of Facebook, were down again, early, but shares of Apple, United Healthcare, and Boeing are helping to Dow.
Stocks remained in positive territory during the morning session, with the Dow hitting a session high 240 points, around noon.
Markets lost steam mid-point during the afternoon session, with the Dow reaching a low of 450 points, just before the close.
Today's market selloff was orderly. Seven of the eleven S&P sectors were negative. Technology, financials, consumer discretionary, industrials, healthcare, and basic materials, were the main laggards.
Factors Influencing Today's Market
Facebook data dilemma continues, and shares of the company continues to decline.
US 10 year bond closed the day at 2.78%, with today's range 2.78% - 2.84%.
Asian and European markets closed their sessions higher.
Consumer confidence for March rose a solid 127.7, but slightly below the 131 estimated.
Crude oil traded moderately lower in the session. WTI crude oil closed at $64.81/barrel, down 1.31%.
Market Close Volume Traded And Advance Decline Ratio
All three major market indices were significantly at the close. The Dow dived 344.89 points, Nasdaq fell 211.74 points, and the S&P lost 45.93 points. Total NYSE volume traded, 3.68 billion shares. Declining shares outpaced Advancing shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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