Thursday's Market Recap - The Dow And Nasdaq Went In Opposite Directions In Today's Session.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed this morning. Dow futures up 45 points, Nasdaq futures down 1 point, and the S&P up 1.75 point. Asian markets finished their session mixed, and a trading outage in London, has delayed that markets opening today.
This morning we learned from the Commerce Secretary, Wilbur Ross, that the government and ZTE, a chinese phone company had reached a deal, to save the company to from certain bankruptcy, after it violated US sanctions, and sold products to Iran and North Korea. ZTE will be allowed to resume the purchase of US components, to manufacture it phones. The company will also have to pay a one billion dollar fine, and will have a team of US compliance officers within its organization
On The Bond Desk:
The US 10 Year Bond Yield at 2.98%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $65.18/barrel, up 0.70%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed today. Japan (Nikkei 225) gained .087%, Shanghai fell 0.18%, Hong Kong (Hang Seng) 0.81%.
Major European markets all lower. German (DAX) fell 0.15%, France CAC 40 down 0.17%, London FTSE 100 lost 0.10%,
Market And Sector Dynamics
Markets opened modestly higher to begin the trading session. The Dow rose 45.75 points, Nasdaq gained 8.17 points, and the S&P gained 2.49 points. A disappointing quarterly report from JM Smuckers, is having a negative effect on other package goods companies, but thankfully, technology stocks continue their upward move.
The Dow was the outperforming index in today's session. It climbed further after the open, and remained in the one hundred point range for the entire session. The Nasdaq went the other day, as Facebook, Alibaba, NVDA and other technology stocks lost some ground.
Seven of the eleven S&P sectors closed today's session with moderate gains, led by energy, telecommunication services, consumer staples, and utilities. Technology and basic materials were the main laggards.
Factors Influencing Today's Market
Crude oil traded higher in today's session. WTI crude oil prices closed at $66.14/barrel, up 2.18%.
The US 10 Year Bond Yield is closing in once again on the 3.0% level. Today's close 2.933% (Range 2.884% - 2.992%).
The US administration and ZTE reached a deal to have the company continue its operation.
This week's Initial Jobless Claims fell 1000 to 222,000 claims.
Asian markets closed the day mixed. European markets lost some ground in their session.
Market Close Volume Traded And Advance Decline Ratio
When the closing bell rang, the major indices were mixed. The Dow gained 95.02 points, Nasdaq lost 54.17 points, and the S&P slipped 1.98 point. Total NYSE volume traded, a moderate 3.64 billion shares. Advancing shares outpaced Declining shares by1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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