Thursday's Market Recap - Stocks Recover From Morning Selloff, As Crude Oil Pushes Toward $70/Ba
What is The Premarket Telling Us?
7:00 AM.
US stocks futures are modestly lower, with the Dow futures up 46 points, Nasdaq futures up 12.75 points, and the S&P up 6 points. If futures hold on to these levels, then market could open moderately to the upside. Asian markets were mostly lower, overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.96%
Currency Desk:
Euro dollar: 1.19
UK Pound: 1.35
Crude Oil:
WTI crude oil futures pointing higher at $67.99/barrel, up 0.09%.
On the Earnings Calendar:
Cigna beats quarterly financial results before the opening bell today.
Tesla reported better than expected quarterly results after the closing bell yesterday.
AIG and Fitbit, missed quarterly expectation after the close yesterday.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed to lower. Japan (Nikkei 225) down 0.16%, Shanghai up 0.64%, Hong Kong (Hang Seng) down 1.34%.
Major European markets finished their sessions lower. German (DAX) fell 0.88%, France CAC 40 lost 0.50%, London FTSE 100 down 0.54%.
Market And Sector Dynamics
The US markets opened today's trading session, moderately lower. The Dow lost 88 points, the Nasdaq dropped 36 points, and the S&P was lower by 8 points.
Twenty minutes into trading the was Dow was down 175 points, Nasdaq down 31 points, and the S&P was down 15 points.
After hitting its intraday low, with the Dow down more than 250 points, stocks turned around noon, and climbed back to the flat line, hugging that level into the close.
Eight of the eleven S&P sectors closed the day with gains. Healthcare, financials, and consumer discretionary, were the main drag on markets today.
Factors Influencing Today's Market
Strong quarterly earnings performance from CIGNA, and Metlife
Tesla's reported better than expected earnings after the close yesterday.
Crude oil prices rose moderately in the session. WTI crude oil price closed at $68.43/barrel, up 0.74%.
This week's Initial Jobless Claims rose 2000 claims to 211,000.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the markets were mixed. The Dow added 5.17 points, Nasdaq fell 12.74 points, and the S&P 5.94 points. Total NYSE volume traded, 3.18 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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