Tuesday's Market Recap - Stock Dive As Trump Kim Jun Un Summit Appears Unlikely.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are solidly higher, indicating a strong market opening. Dow futures up 335 points, Nasdaq futures up 70 points, and the S&P futures up 25.25 points.
We learned this morning that JC Penny CEO, Marvin Ellison, has resigned his position to become the CEO of Lowe's. He is a former executive at Home Depot, before joining JC Penny in 2015.
On The Bond Desk:
The US 10 Year Bond Yield 3.06%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.34
Crude Oil:
WTI crude oil futures sits at $72.52/barrel, up 1.61%.
On the Earnings Calendar:
Kohl's Department Store reported strong first quarter earning results, but same store sales outlook was weak. Shares of the company are lower in the premarket trading.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 0.18%, Shanghai added 0.02%, Hong Kong (Hang Seng) gained 0.60%.
Major European markets closed their session with modest gains. German (DAX) gained 0.71%, France CAC 40 up 0.05%, London FTSE 100 added 0.23%.
Market And Sector Dynamics
Stock opened the trading day modestly higher, with the Dow up 35 points, Nasdaq gained 27 points, and the S&P added 6.5 points. Crude oil is adding to its gains, early, with WTI currently up about 0.20%, at $72.49/barrel.
Markets turned weaker just after the open, and trended steadily lower during the entire trading session, closing at the low of the session.
With uncertainty around US - China trade talks, and Trumps - Kim Jun Un June 12 meeting, which seems to be in limbo at this time, investors decided to err on the side of caution, and took some chip off the table.
Seven of the eleven S&P sectors closed the session with moderate losses. Energy, industrials, basic materials, consumer discretionary, and healthcare added the downside pressure. Financials and utilities rose in the session.
Factors Influencing Today's Market
Uncertainty regarding China - US trade negotiations.
Crude oil fell modestly in today's trading. WTI crude oil price closed at $72.17/barrel, down 0.50%.
Strong first quarter earnings performance from Kohl's Department store. Shares of the company fell 7% in today's trading, because of weaker than expected projected same store sales outlook.
Shares of JC Penny fell, today after its CEO Marvin Ellison, resigned his position to head home improvement retailer, Lowe's.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, all the major indices were down. The Dow lost 178.88 points, Nasdaq was down 15.58 points, and the S&P fell 8.57 points. Total NYSE volume traded, a moderate 3.32 billion shares. Declining shares outpaced Advancing shares by 1.49:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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