Tuesday's Market Recap - The Technology Sector Is Taking Investors On A Joyful Ride.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly higher, two and a half hours before the bell. Dow futures up 23 points, Nasdaq futures up 18.50 points, and the S&P futures up 3 points. Asian markets were higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.94%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $64.54/barrel, down 0.32%.
On the Earnings Calendar:
None.
In M&A News:
Howard Schultz announced he is stepping as Executive Chairman of Starbucks, ending a 36 year tenure with the company. It is being speculated that he may be preparing a bid to run for elected office - a possible twenty twenty presidential run.
What About The Asian And European Markets?
Major Asian markets closed their session higher. Japan (Nikkei 225) 0.29%, Shanghai up 0.74%, Hong Kong (Hang Seng) up 0.31%.
Major European markets was mostly mixed. German (DAX) down 0.13%, France CAC 40 off 0.22%, London FTSE 100 down 0.70%
Market And Sector Dynamics
Stocks opened the trading day mixed. The Dow fell 24 points, Nasdaq gained 20 points, and the S&P was unchanged. Technology stocks are the outperforming again today, and pushing markets higher. Twitter is up big, on news that it will replace Monsanto, in the S&P 500 Index.
Markets continued to decline during the morning session, hitting the low of the day just around noon. Stocks turned around a short while later, gradually recovering most of the morning losses, to close just below the flat line.
Six of the eleven S&P sector closed the session with losses, led by utilities, real estate, consumer discretionary. Materials, consumer staples, and technology, ended the day with solid gains.
Factors Influencing Today's Market
The US 10 year bond yield has been drifting higher again, hanging out in the 2.91% - 2.95% range.
Crude prices rose moderately higher today. WTI crude oil closed at $65.52/barrel, up 1.19%.
Starbucks Executive Chairman, Howard Schultz, is stepping down from the company to pursue other options.
April JOLTS report shows jobs opening came in a better than expected 6.698 million vs. 6.543 million.
Asian markets closed with gains overnight.
Market Close Volume Traded And Advance Decline Ratio
At the close, markets were mixed. The Dow slipped 13.71 points, Nasdaq gained 31.40 points, and the S&P added 1.93 points. Total NYSE volume traded, a moderate 3.44 billion shares. Advancing shares outpaced Declining shares by 1.47:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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