Tuesday's Market Recap - Crude Oil Surged Today Helping Stocks To Hold On To Gains.
What is The Premarket Telling Us?
7:00 AM.
This morning's markets set up is rather inconclusive. Dow futures are down 25 points, Nasdaq futures up 2.50 points, and S&P futures down 3 points.
On The Bond Desk:
The US 10 Year Bond Yield has ticked lower to 2.88%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $68.04/barrel, down 0.06%.
On the Earnings Calendar:
None
In M&A News:
General Electric (GE) announced today that it will spin off its GE Healthcare business into a separate entity, which should take place in the next eighteen months. The company said it will also divest its Baker Hughes operation, within the next 2-3 years.
What About The Asian And European Markets?
Major Asian markets finished the day mostly lower. Japan (Nikkei 225) added 0.02%, Shanghai fell 0.52%, Hong Kong (Hang Seng) down 0.28%
Major European markets were mixed. German (DAX) down 0.29%, France CAC 40 slipped 0.05%, London FTSE 100 gained 0.37%.
Market And Sector Dynamics
Stocks opened modestly higher, with the Dow up 29 points, Nasdaq up 22 points, and the S&P up 5 points. Shares of technology companies are moving higher, erasing some of yesterday's losses.
At least for today, markets chose to cautiously ignore, simmering trade tensions, between US and China. Stock gradually moved higher, reaching the high of the day in the mid-afternoon session - Dow up 125 points.
Six of the eleven S&P sectors closed with moderate gains, led by energy, consumer discretionary, real estate, technology, basic materials, and industrials. Consumer staples, and telecommunications services were moderately lower.
Factors Influencing Today's Market
Crude oil prices surged in today's trading. WTI crude oil price close at $70.62/barrel, up 3.73%.
New of GE spin off of its Healthcare business, and plan to divest of Baker Hughes.
Asian and European markets were mostly lower today.
June Consumer Confidence came in at 126.4, just shy of the consensus 128.1 anticipated, as tariffs and retaliation may be having a negative effect on consumers.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the major indices were modestly higher. The Dow gained 30.31 points, Nasdaq gained 29.62 points, and the S&P added 5.99 points. Total NYSE volume traded, a moderate 3.51 billion shares. Advancing shares outpaced Declining shares by 1.53:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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