Monday's Market Recap - Strong Earning From Bank Of America Pushed Stocks Higher.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are looking mixed ahead of the trading session. Dow futures are up 11 points, Nasdaq futures up 3.50 points, and the S&P fell 1.25 points. President Trump meets with Russian President Putin today in Helsinki, Finland, which will add an element of concern for markets.
On The Bond Desk:
The US 10 Year Bond Yield sitting at 2.83%.
Currency Desk:
Euro dollar: 1.93%.
UK Pound: 1.17%.
Crude Oil:
WTI crude oil futures at $69.94/barrel, down 1.54%.
On the Earnings Calendar:
Following solid quarterly earnings from JP Morgan, Citigroup, last Friday, Banks of America handily beat analyst earnings and revenue expectation.
In M&A News:
Reports are that Comcast is unlikely to up its bid for the Fox assests. They may be more inclined to focus on its bid for the 61% of SKY not already owned by Fox, and ultimately by Disney.
What About The Asian And European Markets?
Major Asian markets were mostly lower up. Japan (Nikkei 225) closed today %, Shanghai down 0.61%, Hong Kong (Hang Seng) up 0.05%.
Major European markets were also mostly lower. German (DAX) rose 0.16%, France CAC 40 fell 0.36%, London FTSE 100 down 0.80%.
Market And Sector Dynamics
Stocks opened the trading day modestly higher. The Dow gained 27.98 points, Nasdaq gained 5.35 points, and the S&P rose 1.44 points. All eyes are on the President meeting with Russian President, Putin in Helsinki, Finland. Financial are leading the markets higher, on the back of very strong quarterly performance from Bank of America. Crude oil trending lower this morning, taking down the shares of energy related stocks.
Markets went negative at the midpoint of the morning session, with the Dow hitting the low of the day, down nearly 40 points. Stocks returned to positive territory around noon, trading in a tight range for most of the afternoon trading, before surging higher, just before the close.
Eight of the eleven S&P sectors closed the session with losses, led by energy, basic materials, healthcare, real estate, and consumer staples. Financials, and telecommunications services.
Factors Influencing Today's Market
Crude oil prices retreated significantly in today's trading. WTI crude oil prices closed at $68.06/barrel, down 4.15%.
Strong second quarter earnings results from Bank of America.
Trump Putin meeting in Helsinki, Finland.
Both Asian, and European markets closed their sessions with losses.
Market Close Volume Traded And Advance Decline Ratio
At the closed of trading, markets were mixed. The Dow gained 44.95 points, Nasdaq fell 20.26 points, and the S&P lower by 2.88 points. Total NYSE volume traded, a light 2.79 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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