Tuesday's Market Recap - A Cautious Session Driven By Uncertainty Of Exiting The Iran Deal.
What is The Premarket Telling Us?
US stock futures are moderately in the red, this morning, suggesting we could be lower at the open. Dow futures down 80 points, Nasdaq futures down 28 points, and S&P futures down 10.50 points. Asian markets closed higher overnight, and Europe is mixed early in their session.
Investors are mostly cautious, ahead of President Trump decision on whether the US will withdraw from Iran nuclear deal.
On The Bond Desk:
The US 10 Year Bond Yield at 2.95%
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.35
Crude Oil:
WTI crude oil futures at $69.80/barrel, down 1.31%.
On the Earnings Calendar:
Disney reports 1 Qtr. Earnings results after the close of trading.
In M&A News:
There is speculation, that Comcast is considering an all cash bit for Twenty-First Century Fox, challenging the stock bid from Disney announced a few months ago.
Takeda announced it has reached an agreement to buy pharma company, Shire in a deal worth $62 Billion.
What About The Asian And European Markets?
Major Asian markets closed their sessions higher. Japan (Nikkei 225) up 0.18%, Shanghai up 0.79%, Hong Kong (Hang Seng) up 1.36%.
Major European markets closed the day lower. German (DAX) fell 0.28%, France CAC 40 down 0.17%, London FTSE 100 slipped 0.02%.
Market And Sector Dynamics
Stocks began the trading session marginally lower, ahead of the President's impending decision on the Iran Deal, later this afternoon. The Dow fell 16 points, Nasdaq fell 10 points, and the S&P lost 2.37 points.
Markets remains mostly subdued, as investors exercised caution, ahead of the president's decision on whether to pull the US from the Iran deal.
Stocks did dip lower, on the president announced that he was withdrawing from the deal, market spiked lower, but gradually recovered just before the close.
Seven of the eleven S&P sectors closed with losses, led by utilities, telecommunication services, real estate, consumer staples, and consumer discretionary.
Factors Influencing Today's Market
President Trump's decision to withdraw from the Iran deal
Crude oil prices rose moderately in today's trading, but lost some ground after the president's Iran announcement. WTI crude oil closed at $70.60/barrel, up 2.23%.
Reports than Comcast is preparing a cash bid for Twentieth Century Fox, to rival Disney's all stock deal.
Asian markets closed with solid gains today. European stocks closed with losses.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed stock mostly unchanged. The Dow gained 2.89 points, Nasdaq gained 1.69 point, and the S&P slipped a fraction (0.71). Total NYSE volume traded, a moderate 3.65 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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