Wednesday's Market Recap - Trade Wars And Treatment Of Asylum Seekers At US Border Leads To Inve
What is The Premarket Telling Us?
7:00 AM.
This morning's market setup is looking pretty positive, with Dow futures are up 102 points, Nasdaq futures up 21 points, and S&P futures up 7 points.
On The Bond Desk:
The US 10 Year Bond Yield down a few ticks at 2.89%
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $64.86/barrel, down 0.06%
On the Earnings Calendar:
Oracle Earnings report?
In M&A News:
Disney has increased its bid for Twenty First Century Fox, by adding a cash component taking the price up from $28/share to $38/share.
What About The Asian And European Markets?
Major Asian markets were all positive today. Japan (Nikkei 225) up 1.24 %, Shanghai added 0.27%, Hong Kong (Hang Seng) up 0.77%
Major European markets were mostly mixed. German (DAX) gained 0.14%, France CAC 40 down 0.34%, London FTSE 100 added 0.31%.
Market And Sector Dynamics
Stocks opened the day moderately higher, attempting to pull back some of yesterday's losses. The Dow rose 50 points, the Nasdaq rose 43 points, and the S&P added 8 points. Disney's sweetened bid for Fox's assest, including the addition of some cash, appears to be a catalyst for stocks early in the session.
By mid-morning, stocks had sunken into negative territory, remaining mostly there for the entire trading session. Today's session was mostly mixed, as investors try to assess the impact of tariffs, and retaliation, on specific industries, and the US economy.
Domestically, immigration policy also had an impact, as the President was forced to recind, by way of an executive order, the policy of separating children and parents, who are seeking asylum, at the US border. This has become a huge problem for the administration.
Seven of the eleven S&P sectors closed today's session with gains. Real estate, consumer discretionary, energy, and technology were the outperformers on the upside. Telecommunications services, energy, basic materials, and financials were lower.
Factors Influencing Today's Market
Crude oil prices were moderately higher in today's trading. WTI crude oil closed at $66.22/barrel, up 1.77%.
Disney, has sweetened it bid for Fox, by adding cash, as well as matching any other terms offered by Comcast.
The policy of separating children from their parents seeking asylum at the US border, was recinded by the President, after a huge national and international outcry.
Talk of tariffs, and retaliation by China and our closest allies, is still a concern for market.
Asian markets ended the day moderately higher, while Europe was mixed.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mixed. The Dow fell 42.41 points, Nasdaq gained 55.93 points, and the S&P gained 4.73 points. Total NYSE volume traded, 3.28 billion shares. Advancing shares outpaced Declining shares by 1.56:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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