Wednesday's Market Recap - Stocks Ended Mixed As 10 Year Bond Yield Clips 3.0% Intraday.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately in the red ahead of the start of trading. Dow futures are down 61 points, Nasdaq down 26 points, and S&P down 8 points. The parade of corporate earning continues, with Boeing, Twitter, expected to report before the opening bell this morning, and Facebook reports after the close of trading, today. Investors are also keeping a close eye on the US 10 year bond yield, which hit the feared 3% , intraday yesterday, causing the markets to selloff more than 400 points.
On The Bond Desk:
The US 10 Year Bond Yield sit at 2.98%
Currency Desk:
Euro dollar: 1.22
UK Pound: 1.39
Crude Oil:
WTI crude oil futures @ $67.91/barrel. up 0.37%
On the Earnings Calendar:
Boeing reported strong quarterly results before the bell this morning. Shares are up in the premarket.
Twitter also reported solid quarterly results this morning, reporting it second quarter of profit.
Facebook, Paypal, and Ford reports after the close this evening.
In M&A News:
Comcast has formalized it's $31 billion bid for Fox's Sky Network.
Takeda has submitted a fifth sweetened bid worth $62 billion, for Shire, and reports are that the talks have gotten serious.
What About The Asian And European Markets?
Major Asian markets all fell overnight. Japan (Nikkei 225) down 0.28%, Shanghai down 0.35%, Hong Kong (Hang Seng) lost 1.01%.
Major European markets fell today. German (DAX) sank 1.00 %, France CAC 40 down 0.60%, London FTSE 100 sank 0.60%
Market And Sector Dynamics
Stocks opened today's session modestly lower. The Dow lost 46 points, Nasdaq lost 12 points, and the S&P lost 7 points. Thanks to solid earnings performance from Boeing, Comcast, Twitter.
Despite continued solid earning performance from major US corporations, investors are laser focused on the US 10 year bond yield which has clipped the 3.00% level, early in the trading session.
Stocks remained lower for all of the morning and afternoon session, before pushing higher in the final hour of trading, with the Dow climbing to a high, over 100 points.
Markets were orderly, but the tone was negative for most of the session. Seven of the eleven S&P sectors ended the day with modest gains, led by energy, telecommunications services, basic materials, healthcare, consumer discretionary, and real estate.
Factors Influencing Today's Market
US 10 year bond yield closed above the 3% level for in today's trading, adding to investor inflation fears.
Crude oil traded modestly higher today. WTI crude prices closed at $68.05/barrel, up 0.52%.
This week's EIA Petroleum Status Report shows crude oil inventories rose 2.2 million barrels.
Strong quarterly earnings performance from Boeing, and Twitter.
Market Close Volume Traded And Advance Decline Ratio
At the end of the trading day, markets were mostly higher. The Dow added 59.70 points, Nasdaq slipped 3.62 points, and the S&P added 4.84 points. Total NYSE volume traded, 3.46 billion shares. Declining shares outpaced Advancing shares by 1.30:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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