Friday's Market Recap - Dow Down More Than 200 Points, On Fears Of Weak iPhone Sales, Sinks Appl
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly negative, in the early going. Dow futures down 31 points, Nasdaq futures down 16 points, and S&P futures down 0.75, (less than a point). Asian stock finished their session lower, and Europe is mixed early in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 2.91%.
Currency Desk:
Euro dollar: 1.23
UK Pound: 1.40
Crude Oil:
WTI crude oil futures at $68.61/barrel, up 0.41%.
On the Earnings Calendar:
General Electric reported strong 1 Quarter financial results, pushing shares higher in the premarket.
Honeywell also reported strong 1 Quarter financial results.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were lower. Japan (Nikkei 225) fell 0.13%, Shanghai lost 1.47%, Hong Kong (Hang Seng) lost 0.94%.
Major European markets were mixed. German (DAX) down 0.21%, France CAC 40 gained 0.38%, London FTSE 100 added 0.54%.
Market And Sector Dynamics
As indicated by the index futures, stocks opened the trading session modestly lower, with the Dow shedding 7.5 points, Nasdaq down 17 points, and the S&P off by a fraction 0.57 point. Better than expected earnings results from General Electric, and Honeywell, are helping to soften a decline in technology shares early in the session.
Shares of Apple, was the biggest laggard on the session, as investors question whether iPhone sales may be slowing, on poor sales of the expensive iPhone 10.
Stocks declined steadily during the morning and afternoon session, and hung out below the flat line for for the entire trading session.
Ten of the eleven S&P sectors ended today's session with losses, led by consumer staples, technology, consumer discretionary, utilities, real estate, telecommunications, and healthcare.
Factors Influencing Today's Market
Share of Apple had the major effect on markets today, as investors are expecting weak iPhone sales this quarter.
The 10 year bond yield remains elevated, at 2.951%, stoking inflation fears.
Crude oil rose modestly in today's session. WTI crude oil closed at $68.30/barrel, up 0.13%.
This week Baker Hughes Oil Rig count rose 5 rigs to 820 total.
First estimate of 1QTR. GDP came in at 2.00% vs 2.90% in the 4th.QTR 2017.
Market Close Volume Traded And Advance Decline Ratio
Markets closed today's session solidly in negative territory. The Dow sank 201.95 points, Nasdaq fell 91.93 points, and the S&P lost 22.99 points. Total NYSE volume traded, 3.38 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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