Thursday's Market Recap - Trade Uncertainty And Weak Earning Guidance Was A Drag On Stock Today.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mostly lower, ahead of the opening bell. Dow futures fell 43 points, Nasdaq down 30 points, and the S&P futures down 9 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.88%.
Currency Desk:
$US gaining strength against other currencies.
Euro dollar: 1.16
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $67.92/barrel, down 1.22%.
On the Earnings Calendar:
Strong Q2 Earnings from IBM after the closing bell yesterday.
In M&A News:
Comcast has officially dropped it competing bid for Fox, meaning Disney has won that fight. Comcast instead, will focus on buying the 61% of SKY, that is not already owned by Fox.
What About The Asian And European Markets?
Major Asian markets traded lower overnight. Japan (Nikkei 225) down 0.13%, Shanghai down 0.53%, Hong Kong (Hang Seng) down 0.38%.
Major European markets. German (DAX) %, France CAC 40 %, London FTSE 100 %
Market And Sector Dynamics
Stocks opened moderately lower, with the Dow sinking 79 points, Nasdaq down 15 points, and the S&P down 6 points. Decent Quarterly earnings and guidance from IBM after the close of trading yesterday, is a positive catalyst for markets.
We also learned this morning that Comcast has officially dropped it competing bid for Fox, preferring instead to focus its effort to buy the 61% of SKY, not already owned by Fox.
Stocks remained lower for the entire trading session. Nine of the eleven S&P sectors ended the session lower, led by financials, telecommunications services, basic materials, healthcare, and technology. Real estate, and utilities ended the session higher.
Factors Influencing Today's Market
Comcast has officially dropped it competing bid for Twentieth Century Fox, clearing the way for Disney to acquire the company.
Better than expected Q2 Earnings performance from IBM.
Crude oil prices rose moderately higher today. WTI crude oil closed at $69.46/barrel, up 1.02%.
This week's Initial Jobless Claims fell 8000 to 207,000, the lowest level since 1969.
Trade uncertainty resurfaced in the markets yesterday, as trade with the EU, NAFTA, and China remains chaotic and unresolved.
Asian markets ended their sessions lower.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading on Thursday, stocks were lower. The Dow fell 134.79 points, Nasdaq lost 29.15 points, and the S&P declined 11.13 points. Total NYSE volume traded, 3.22 billion shares. Advancing shares outpaced Declining shares by1.50:1 points.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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