Monday's Market Recap - Trade War Concerns Finally Hit Technology Stocks.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are deep in the red this morning, ahead of the start of trading. Dow futures are down 190 points, Nasdaq futures down 69 points, and S&P down 17 points. Trade tension with China continues to heat up, creating uncertainty for US investors.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.90%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $68.47/barrel, down 0.16%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were all lower. Japan (Nikkei 225) down 0.79%, Shanghai down 1.05%, Hong Kong (Hang Seng) down 1.29%.
Major European markets closed significantly lower. German (DAX) down 2.46%, France CAC 40 down 1.92%, London FTSE 100 down 2.24%.
Market And Sector Dynamics
Stocks opened the trading day triple digits lower, with the Dow down 150 points, Nasdaq fell 63 points, and the S&P off by 14 points.
Reports of a new twist, in the escalating trade feud with China, where the US will not allow China to invest here, or US firms may not be able to invest in China. Investors seems to be taking this potential threat seriously, by selling stock, and pushing the markets lower.
At the low of today the Dow was down over 500 points, in the mid-afternoon session, before recovering some of those losses, shortly before the close.
Nine of the eleven S&P sectors fell in today's trading, led by technology, energy, consumer discretionary, basic materials, industrials, and financials. Utilities, and consumer staples were higher.
Factors Influencing Today's Market
Trade war issues dominated markets again today, as investors fear US technology companies may no longer be able to invest in China, and vice versa.
Crude oil lost some ground in today trading. WTI crude oil price closed at $68.03/barrel, down 1.08%.
Both Asian and European markets were lower in today's trading.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading markets were significantly lower. The Dow tanked 328.09 points, Nasdaq dived 160.81 points, and the S&P down 37.81 points. Total NYSE volume traded, 3.61 billion shares. Declining shares outpaced Advancing shares better than 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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