Friday's Market Recap - US Trade Tension With Allies Strains Relations At G7 Summit.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are all in the red this morning. Dow futures down 152 points, Nasdaq futures down 73.25 points, and S&P futures down 15.25 points. The G7 Summit taking place in Quebec, Canada, where the leaders of the developed western nations are gathering. There is tension in the air, as President Trump, and his administration has levied tariffs on our allies, making for a uncomfortable, and awkward situation.
On The Bond Desk:
The US 10 Year Bond Yield at 2.93%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $65.64/barrel, down 0.47%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were solidly lower overnight. Japan (Nikkei 225) down 0.56%, Shanghai down 1.36%, Hong Kong (Hang Seng) down 1.76%.
Major European markets were mostly lower. German (DAX) down 0.35%, France CAC 40 up 0.03%, London FTSE 100 down 0.30%.
Market And Sector Dynamics
Stock started the trading day modestly lower, with the Dow falling 27 points, Nasdaq down 25 points, and the S&P down 4 points. Shares of technology companies are leading markets lower. Shares of Apple, and Advanced Micro Devices. and Qualcomm, on rumors that Apple is reducing production of its new iphones.
Stocks improved gradually during the morning session, turning positive around noon time. Markets held on in positive territory for the remainder of the session.
Market tone was mostly positive, with nine of the eleven S&P sectors ending the day with moderate gains. Consumer staples, healthcare, real estate, industrials, financials, and basic materials on the upside.
Factors Influencing Today's Market
Crude oil fell modestly in today's trading. WTI crude oil price closed at $65.74/barrel, down 0.32%.
This week's Baker Hughes Oil Rig Count rose 1 to 862 total.
The G7 Meeting of the World Western Leaders, is being held in Quebec Canada.
Asian markets were moderately higher in their session.
Shares of Apple lost ground today as investors speculate the company will reduce Iphone production.
Market Close Volume Traded And Advance Decline Ratio
At the end of the trading session, the indices were moderately lower. The Dow gained 75.12 points, the Nasdaq added 10.44 points, and the S&P gained 8.66 points. Total NYSE volume traded, 3.09 billion shares. Advancing shares outpaced Declining shares by 1.43:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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