Thursday's Market Recap - A Huge Down Day As Trade And Fed Worry Weigh On Markets.
What is The Premarket Telling Us?
7:00 AM.
The early market set up is looking all negative this morning. Dow futures down 63 points, Nasdaq futures down 11.75 points, and the S&P down 4.50 points. All eyes are on the bank later today, when the Fed is expected to announce the stress test results for the bank.
On The Bond Desk:
The US 10 Year Bond Yield at 2.93%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $64.88/barrel, down 1.26%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mixed to mostly lower. Japan (Nikkei 225) up 0.61%, Shanghai down 1.35%, Hong Kong (Hang Seng) down 1.37%
Major European markets were mixed. German (DAX) down 1.44%, France CAC 40 down 1.05%, London FTSE 100 down 0.93%.
Market And Sector Dynamics
Stocks opened the trading day mixed. The Dow fell 19 points, while the Nasdaq gained 19 points, and the S&P added 2 points. Ongoing trade trade concerns between the US and China continues to worry markets, even as the US economy appears to be in good shape.
The Dow traded in negative territory for the entire trading session, in the absence of any new catalyst to push stocks higher.
Market tone was mostly negative,but orderly. Eight of the eleven S&P sectors close the session with losses, led by energy, industrials, basic materials, technology, consumer discretionary, and healthcare.
Factors Influencing Today's Market
Crude oil traded moderately lower in the session. WTI crude oil price closed at $65.54/barrel, down 1.03%.
The Federal Reserve will announce the results of bank stress tests, after the close of trading today.
Uncertainty regarding tariffs, and retaliation remains a concern for markets.
Rising interest rates and worry about the Fed action.
Asian and European markets closed mixed.
This week's Initial Jobless Claims fell 3000 to 218,000.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, the Dow tanked 196.10 points, Nasdaq fell 68.56 points, and the S&P at 17.56 points. Total NYSE volume traded, 3.28 billion shares. Declining shares outpaced Advancing shares by 2.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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