Tuesday's Market Recap - Investors Shifts Focus To The Feds And Rate Hikes, Now That The Kim Tru
What is The Premarket Telling Us?
7:00 AM.
Stock futures are modestly lower in this morning's market set up. Dow futures down 47 points, Nasdaq futures down 8.75 points, and the S&P futures are lower by 3 points. The historic meeting between President Trump and North Korean leader, Kim Jong UN took place last night in Singapore, and the market seems unphased.
Today we expect to get the judge's ruling on the AT&T Time Warner merger, which will be seen as a benchmark for other potential mergers in the telecommunication services business.
The FOMC also begins it two day June meeting today, and investors are anticipating the announcement of a twenty five basis points rate hike tomorrow.
On The Bond Desk:
The US 10 Year Bond Yield at 2.96%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $65.91/barrel, down 0.29%
On the Earnings Calendar:
None
In M&A News:
AT&T Time Warner court decision on the merger expected this evening.
What About The Asian And European Markets?
Major Asian markets closed higher overnight. Japan (Nikkei 225) up 0.33%, Shanghai rose 0.89%, Hong Kong (Hang Seng) rose0.13%.
Major European markets closed lower . German (DAX) were unchanged %, France CAC 40 lost 0.38%, London FTSE 100 down 0.43%.
Market And Sector Dynamics
Markets opened modestly higher. The Dow gained 35 points, Nasdaq rose 24 points, and the S&P rose 5 points. Crude oil traded lower, early in the morning session.
Stocks went negative shortly after the open, and remained lower for most of today's trading session, as the markets shift focus to the Fed/FOMC meeting which began today.
Six of the eleven S&P sectors closed the session with gains, led by utilities, real estate, technology, and consumer discretionary. Energy and financials were the lagging sectors.
Factors Influencing Today's Market
President Trump's summit with North Korean dictator, Kim Jong UN had little or no effect on markets today.
Investor are anticipating a rate hike, when the Fed conclude its June meeting tomorrow.
The judges decision in the AT&T Time Warner mega merger will be announced after the closing bell today.
May's CPI rose 0.2% in line with consensus expectations.
US 10 year bond yield continues to hover just under the 3% level.
Major Asian markets closed with modest gains, while European markets closed lower.
Market Close Volume Traded And Advance Decline Ratio
At the ended of trading, the Dow slipped 1.58 points, Nasdaq gained 43.87 points, and the S&P rose 4.85 points. Total NYSE volume traded, a moderate 3.34 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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