Wednesday's Market Recap - US China Trade Tensions Took Center Stage Today.
What is The Premarket Telling Us?
Trade concerns have re-taken center stage this morning, putting pressure on US stock futures. Dow futures are down 218 points, Nasdaq futures down 61 points, and the S&P futures down 20 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.87%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.32
Crude Oil:
WTI crude oil futures down 0.84% at $73.49/barrel.
On the Earnings Calendar:
None
In M&A News:
While Disney and Twentieth Century Fox are trying to seal the deal, Comcast has still not responded to Disney's sweetened deal.
What About The Asian And European Markets?
Major Asian markets are all lower as trade concerns reemerges. Japan (Nikkei 225) down 1.19%, Shanghai down 1.76%, Hong Kong (Hang Seng) down 1.32%
Major European markets were solidly lower today. German (DAX) fell 1.53%, France CAC 40 down1.48%, London FTSE 100 down 1.48%.
Market And Sector Dynamics
Stock started the trading day lower, as investors appear nervous, about a new round of tariffs, on additional goods imported from China, and China has indicated it's sure to retaliate. Shares of technology, and industrial companies are under pressure as a result.
Markets remained convincingly lower for the entire session. Market tone was negative but orderly.
Ten of the eleven S&P sectors ended the session with losses, led by energy, basic materials, industrials, telecommunications services, healthcare, and financials. Utilities was the only sector to end with gains.
Factors Influencing Today's Market
The US has added a new round of tariffs, on Chinese goods.
Crude oil gave up significant ground today. WTI crude oil price closed the day at $70.59/barrel, down 4.65%.
This week's EIA Petroleum Status Report revealed that crude oil inventories fell 12.6 million barrels, to 405.2 million barrels, 18.2% below year ago levels.
Asian and European markets were closed closed their session with losses.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow was down 219.21 points, Nasdaq lost 42.59 points, and the S&P fell 19.82 points. Total NYSE volume traded, a light 2.94 billion shares. Declining shares outpaced Advancing shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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