Tuesday's Market Recap - Dow Turns Around On Fed Chair's Testimony.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly negative at this time, indicating stocks will be lower at the open. Dow futures were down 27 points, Nasdaq futures down 19 points, and the S&P down 5 points.
On The Bond Desk:
The US 10 Year Bond Yield 2.86%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.32
Crude Oil:
WTI crude oil futures $68.09/barrel, up 0.04%.
On the Earnings Calendar:
Goldman Sachs reported a solid Q2 Earnings results. The company beat analyst earnings and revenue expectations. The company also announced that David Solomon, as the successor to Chairman & CEO, Lloyd Blankfein, effective September 30th.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets finished their day mixed. Japan (Nikkei 225) rose 0.44%, Shanghai fell 0.57%, Hong Kong (Hang Seng) lost 1.25%.
Major European markets closed with modest gains. German (DAX) up 0.80%, France CAC 40 up 0.24%, London FTSE 100 up 0.34%.
Market And Sector Dynamics
Stocks kicked off the trading day lower, with the Dow down 30 points, Nasdaq down 54 points, thanks to Netflix disappointing quarterly report, after the bell yesterday evening. The S&P was down 9 points.
Stocks turned around shortly after the open, and coincided with the testimony of Fed Chairman, Jerome Powell, on Capitol Hill. The Fed Chairman indicated the economy is healthy, and growing. He also confirmed they will continue the gradual increase in interest rates would not derail the economy.
At the high of the day the Dow was up nearly 100 points. Seven of the eleven S&P sectors closed today's session with gains, led by basic materials, technology, consumer staples, healthcare, and industrials. Real estate, energy, and telecommunications services traded lower.
Factors Influencing Today's Market
Crude oil traded lower in today's session. WTI crude oil closed at $66.92/barrel, down 1.67%.
Strong Q2 Earnings report from Goldman Sachs. The company also announced its successor to Lloyd Blankfein, will be David Solomon.
Fed Chair, Jerome Powell, testified on Capitol Hill today.
July Housing Index came in at a solid 68, although down from the low 70s reported as recently as in May.
Market Close Volume Traded And Advance Decline Ratio
At the closed markets were moderately higher. The Dow gained 55.53 points, Nasdaq gained 49.40 points, and S&P rose 11.12 points. Total NYSE volume traded, a moderate 3.03 billion shares. Advancing shares outpaced Declining shares by 1.36:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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