Monday's Market Recap - StockS Turned Around In Late Afternoon To Eke Out Modest Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are solidly in negative territory at this hour, indicating markets will be lower at the open. Dow futures down 157 points, Nasdaq futures down 51 points, and the S&P futures down 15 points. As global trade heats up, investors are getting increasingly concerned.
On The Bond Desk:
The US 10 Year Bond Yield at 2.85%
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $73.23/barrel, down 0.30%.
On the Earnings Calendar:
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In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded mixed. Japan (Nikkei 225) up 2.21%, Shanghai down 2.52%, Hong Kong (Hang Seng) up 1.61%.
Major European markets were all lower. German (DAX) down 0.55%, France CAC 40 down 0.88%, London FTSE 100 up 1.17%.
Market And Sector Dynamics
Markets opened the trading day lower, to begin the July 4th, trading week. The Dow fell 180 points, Nasdaq lost 70 points, and the S&P down 20 points. Asian markets closed their session mixed, overnight, while major European markets were mixed.
Stocks remained depressed for the entire session, the lingering threats of tariffs, and retaliation, the uncertainty of how Fed interest rate policy, will affect strong economic growth, here at home.
Seven of the eleven S&P sectors closed the session with moderate gains, led by technology, utilities, financials, healthcare , and telecommunications. Energy, consumer staples, real estate, and basic materials, led the way lower.
Factors Influencing Today's Market
Energy was weak today, taking a break from a nice run. Crude oil fell. WTI crude price closed at $73.94/barrel, down 0.28%.
Strength in manufacturing continued, as June PMI Manufacturing came in at 55.4 vs 54.60 mid-month reading.
June ISM Manufacturing Index also came in better than expected 60.20 vs 58.5 estimated.
Asian markets were mixed, while European stocks were mostly higher.
Market Close Volume Traded And Advance Decline Ratio
When the market closed stock were moderately higher, with the Dow adding 35.77 points, Nasdaq futures up 57.37 points, and the S&P adding 8.34 points.Total NYSE volume traded, 3.03 billion shares. Advancing shares outpaced Declining shares by 1.5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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