Monday's Market Recap - Stock Modestly Lower, As US 10 Year Bond Yield Nears 3 Percent.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly positive, indicating a flat to slightly higher opening. Dow futures up 2 points, Nasdaq futures up 6 points, and the S&P futures up 1 point. First quarter earnings season continues, with Toy maker Hasbro expected to to report before the opening bell, this morning.
On The Bond Desk:
The US 10 Year Bond Yield has ticked higher at 2.95%, just shy of the illusive 3.00% mark.
Currency Desk:
Euro dollar: 1.22
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $68.15/barrel, down 0.37%.
On the Earnings Calendar:
Hasbro reported very disappointing first quarter earning results, which the company blames on the recent bankruptcy of retailer Toys R Us.
Oil services company, Halliburton, first quarter results, beats earnings and revenue expectation.
Alphabet (Google) reports after the closing bell this evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed the first day of the new week lower. Japan (Nikkei 225) down 0.33%, Shanghai down 0.11%, Hong Kong (Hang Seng) down 0.54%.
Major European markets closed with gains. German (DAX) up 0.25%, France CAC 40 up 0.48%, London FTSE 100 up 0.42%.
Market And Sector Dynamics
Stocks opened the trading day mostly lower, with the market looking for direction.The Dow added 5 points, the Nasdaq was unchanged, and the S&P added 1 point. Toymakers are feeling pain this morning after Hasbro quarterly earnings report, badly disappointed investors, as revenues fell, due to the the bankruptcy of toy retailed, Toys R Us. Shares of rival toymaker, Mattel, are also under pressure during the session.
The yield on the 10 year bond bond, shot back up to 2.97% early in the session, just shy of that fearful 3% level, which is a worry for markets.
Except of brief period in positive territory, around noon, stocks hung out in negative territory for the entire trading session. Six of the the eleven S&P sectors close the trading day higher, led by telecommunication services, energy, healthcare, and consumer discretionary.
Factors Influencing Today's Market
Rising US 10 year bond yield, approaches 3%, triggering inflation fears.
Disappointing quarterly earnings results from toymaker, Hasbro, caused by bankruptcy of Toys R Us.
Crude oil prices moved moderately higher in today's session. WTI crude oil closed at $68.64/barrel, up 0.57%.
March's Existing Home Sales fell modestly from 5.540 million annualized rate to 5.513 million.
Major Asian markets were lower today, but European markets were higher.
Market Close Volume Traded And Advance Decline Ratio
When trading ended stocks were mildly mixed, with the Dow giving up 14.25 points, Nasdaq lost 17.52 points, and the S&P up a fraction, (0.15 point). Total NYSE volume traded, a light 2.97 billion shares. Decliners outpaced Advancers 1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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