Friday's Market Recap - Sharp Slide In Crude Oil Take Stocks Down.
What is The Premarket Telling Us?
7:00 AM.
This morning's market setup is looking moderately positive. US stock futures are higher, with Dow futures up 58 points, Nasdaq futures up 26 points, and S&P futures up 5.75 points.
On The Bond Desk:
The US 10 Year Bond Yield has ticked lower at 2.98%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $69.45/barrel, down 2.69%.
On the Earnings Calendar:
Foot Locker store reported better than expected earnings results. Share are trading higher in the premarket.
Gap reported weaker than expected earnings, but revenues were better than expected. Shares are selling off in early trading.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were all lower. Japan (Nikkei 225) down 0.06%, Shanghai lost 0.42%, Hong Kong (Hang Seng) down 0.56%
Major European markets were mixed today. German (DAX) up 0.65%, France CAC 40 down 0.11%, London FTSE 100 added 0.18%.
Market And Sector Dynamics
Stocks opened the day lower. The Dow fell 30 points, Nasdaq lost 2 points, and the S&P was lower by 4 points. Investors are concerned about the cancellation of the North Korea talks, a slide in crude oil prices, some mixed reports on corporate earnings.
Stock hung out just below the flat line for the entire morning session, but drifted lower during the afternoon session, as investors seemed cautious going into the long memorial day weekend.
Six of the eleven S&P sectors closed the day with losses, led by energy, telecommunications services, basic materials, and financials.
Real estate, and utilities were higher.
Factors Influencing Today's Market
Crude oil prices fell hard today. WTI crude oil price closed at $67.48/barrel, down 4.54%, after Russia and Saudi Arabia, indicated a potential willingness to increase production to make up shortfall from Iran, Venezuela.
This week's Baker Hughes Oil Rig count jumps 18 rigs to 859 total.
Strong earning report from Foot Locker.
Disappointing quarterly results from Gap Stores.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the major indices were mxed. The Dow fell 58.67 points, Nasdaq gained 9.42 points, and the S&P down 6.43 points. Total NYSE volume traded, 2.96 billion shares. Declining shares outpaced Advancing by 1.17:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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