Wednesday's Market Recap - Dow And S&P Fell Modestly, Nasdaq Down 60 Points or (0.85%).
What is The Premarket Telling Us?
7:00 AM.
US stock futures are not offering much direction or conviction, this morning. Dow futures up 19 points, Nasdaq futures down 23.25 points, and S&P futures are unchanged. Retailer, Lululemon beat earnings and revenue expectations, after the close yesterday. Shares of the company are up in the premarket, and could be catalyst for markets today.
Today, Facebook announced new changes to it privacy setting, to making it easier for members to access and change or delete the data.
On The Bond Desk:
The US 10 Year Bond Yield at 2.79%.
Currency Desk:
Euro dollar: 1.23
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $64.79/barrel, down 0.70%.
On the Earnings Calendar:
Lululemon, reported strong quarterly results, beating earning and revenue expectations, and raised guidance.
Retailer PVH reports quarterly results after the close this evening.
In M&A News:
Japanese company, Takeda Pharmaceutical plans to make a bid for Shire PLC, in a potential bid worth $90 Billion.
What About The Asian And European Markets?
Major Asian markets fell today. Japan (Nikkei 225) lost 1.34%, Shanghai down 1.40%, Hong Kong (Hang Seng) lost 2.34%
Major European markets closed mixed. German (DAX) down 0.25%, France CAC 40 added 0.29%, London FTSE 100 up 0.64%.
Market And Sector Dynamics
Stocks opened the trading day with the Dow making modest gains, up 44.85 points, Nasdaq lost 30.94 points, and the S&P was down a fraction, 0.93 point.
Trading was choppy today with the tech heavy Nasdaq under pressure for the entire session, while the Dow and S&P bounced in and out of positive territory.
Six of the eleven S&P sectors closed the session with losses. Energy, basic materials, consumer discretionary, technology, and industrials, were the session laggards. Real Estate, consumer staples, and healthcare closed with solid gains.
Factors Influencing Today's Market
The third read on 4 Quarter GDP came in at 2.90% vs 2.70% estimated.
This week's EIA Status Report shows crude oil inventories rose 1.6 million barrels to 429.9 million barrels.
Crude oil prices traded lower in today's session. WTI crude oil closed at $64.67/barrel, down 0.89%.
Takeda's possible $90 Billion take out of Shire PLC.
Strong quarterly report from Lululemon.
Facebook shares finished the session with modest gains.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading markets were lower. The Dow lost 9.29 points, Nasdaq sank 59.58 points, as technology stocks to another hit, and the S&P gave up 7.62 points. Total NYSE volume traded, 3.76 billion shares. Advancing shares and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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