Friday's Market Recap - Weakness In Consumer Staple, Technology Held Back Markets Today.
What is The Premarket Telling Us?
7:00 AM.
Stock index futures are mostly flat this morning, indicating a flat or neutral open. China - US trade talks are happening in Washington, not much is expected. Geopolitical concerns also looms in the background, with as the Trump Kim Jung Un meeting, in June is looking iffy, and the Israeli Palestine conflict seems to be escalating after 60 Palestinians were killed by, by Israeli forces on the same day the new embassy was opened in Jerusalem.
On The Bond Desk:
The US 10 Year Bond Yield at 3.09%
Currency Desk:
Euro dollar: 1.20
UK Pound: 1.35
Crude Oil:
WTI crude oil futures at $71.69/barrel, up 0.28%
On the Earnings Calendar:
The struggling Campbell Soup Company, reported disappointing earning quarter. Shares of the company trading lower. The CEO has resigned, immediately.
Deere & Co., quarterly report missed earning, revenues were in line with expectation, but the company raised it outlook. Stocks are higher.
In M&A News:
CBS - Viacom saga continues after the Judge rules that the majority shareholder, National Amusements, controlled by the Redstone family, can challenge the CBS voting change plan.
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) rose 0.40%, Shanghai added 1.24%, Hong Kong (Hang Seng) rose 0.34%.
Major European markets closed their session modestly lower. German (DAX) down 0.28%, France CAC 40 down 0.13%, London FTSE 100 off 0.12%
Market And Sector Dynamics
US stocks opened the trading day with modest losses, the Dow fell 6.26 points, the Nasdaq lost 18.14 points, and the S&P futures down 2.78 points. Technology stocks are leading the way lower, as investors keep a close watch on US-China trade talks, and approaching legislative deadline, for any new NAFTA agreement.
The US 10 year bond yield remains solidly above the 3.00% level, and crude oil seems inclined to take a break from its recent
Stocks hung out at or near the flat line in a mostly lackluster session. Six of the eleven S&P sectors closed the session with losses, led by financials, energy, consumer staples, and technology. Industrials and healthcare were higher in the session.
Factors Influencing Today's Market
Crude oil prices traded higher in today's session. WTI crude oil closed at $71.72/barrel, up 0.68%.
This week's Baker Hughes US Oil Rig count added 0 rigs, holding at 844.
The US 10 year bond closed at 3.067%. Today's range 3.065% - 3.106%.
Judge in CBS vs Vaicom, rules that majority shareholder, the Redstone family can challenge CBS voting change plan. CBS stocks closed lower.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the major indices were mostly flat. The Dow was unchanged, Nasdaq lost 28.13 points, and the S&P slipped 7.16 points. Total NYSE volume traded, a modest 3.29 billion shares. Advancing shares outpaced Declining shares, just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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