Friday's Market Recap - Tariffs On Chinese Good Spooked Markets Today.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are a see of red this morning, suggesting markets will be lower at the open. Dow futures are down 141 points, Nasdaq futures down 23 points, S&P futures down 11 points.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.95%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $66.67/barrel, down 0.33%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were moderately lower overnight. Japan (Nikkei 225) down 0.50%, Shanghai 0.73%, Hong Kong (Hang Seng) down 0.43%.
Major European markets also lost ground on Friday. German (DAX) fell 0.74%, France CAC 40 down 0.48%, London FTSE 100 lost 1.70%.
Market And Sector Dynamics
Markets opened the trading day moderately lower. The Dow fell 58.60 points, Nasdaq fall 36.01 pointed, and the S&P slipped 4.71 points. Markets are responding to announcement from the administration this morning, that they have levied tariffs on $50 billion of Chinese goods, triggering a quick retaliatory response from from the Chinese.
Stocks sank lower in the mid-morning sinking to the low of the day with the Dow down more than 380 points. Stocks remained at that lower level, until around 2:00 PM, before rebounding.
Seven of the eleven S&P sectors closed today's session with modest losses, led by energy, basic materials, technology, industrials, and real estate. Consumer staples, telecommunications services, utilities, closed higher.
Factors Influencing Today's Market
The Trump administration slaps $50 billion of tariffs on Chinese goods, and the Chinese quickly retaliated.
Both Asian and European markets closed with losses today.
Crude oil lost some ground today. WTI crude oil price closed at $65.06/barrel, down 2.74%.
This week's Baker Hughes Oil Rig count rose 1 to 863 total rigs.
AT&T completed it purchase of Time Warner today. The deal is done.
Market Close Volume Traded And Advance Decline Ratio
When the closing bell rang, the Dow was down 84.83 points, Nasdaq lost 14.66 points, S&P fell 2.83 points. Total NYSE volume traded, a heavy 5.30 billion shares. Declining shares outpaced Advancing shares 1.10:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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