Thursday's Market Recap - Stocks Dive After The President Cancels Singapore Summit.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are flat to mixed early in the premarket.. Dow furtures down 7 points, Nasdaq futures up 7.75 points, and S&P futures up a fraction of a point 0.50 point.
On The Bond Desk:
The US 10 Year Bond Yield at 3.0%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.34
Crude Oil:
WTI crude oil futures 71.37/barrel.
On the Earnings Calendar:
Best Buy reported another strong quarter, beating earnings and revenues. Same store sales jumped 7.1% year over year.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 1.11%, lower by 0.45%Shanghai %, Hong Kong (Hang Seng) up 0.31%.
Major European markets were lower. German (DAX) down 0.9%, France CAC 40 fell 0.30%, London FTSE 100 down 0.9%
Market And Sector Dynamics
Stocks opened the trading day lower, with the Dow down 59 points, Nasdaq down 6 points, and S&P down 5.65 points, as the Trump administration floats talk of tariffs on imported cars, for national security reasons.
WTI crude oil price is lower at this hour, sitting at $70.68/barrel, down 1.63%.
Stocks sank to the low of the day, once news broke that President Trump had cancelled the June 12 summit, with North Korea's leader Kim Jung Un. The Dow was down more than 300 points.
Stocks bounced of those lows almost immediately, gradually regaining most of the earlier losses during the rest of the session.
Seven of the eleven S&P sectors closed the session with gains. Energy, financials, basic materials, and real estate, weighed markets down. Utilities, industrials, telecommunication services, and consumer staples closed the session higher.
Factors Influencing Today's Market
President Trump cancels June 12th. summit with North Korea, Kim Jung Un.
Strong quarterly earning performance from electronic retailed, Best Buy.
Crude oil finishes today's session lower. WTI crude closed at $70.69/barrel, down 1.60%.
This week's Initial Jobless Claims rose 11,000 to 234,000 total.
April Existing Home Sales came in less than expected at 5.46 million, annualized rate vs the 5.600 consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the major indices were moderately lower. The Dow fell 75.05 points, Nasdaq slipped 1.53 points, and the S&P down 5.53 points. Total NYSE volume traded, 3.25 billion shares. Advancing and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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