Friday's Market Recap - Stocks Ended Modestly Lower On Trade Worries.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mixed ahead of the start of trading. Dow futures down 89 points, Nasdaq futures up 12 points, and S&P futures up 6 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.85%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $68.05/barrel, down 0.28%.
On the Earnings Calendar:
GE reported better than expected Q2 earnings results this morning, as did Baker Hughes, a GE unit.
Honeywell, and Schlumberger also reports strong Q2 earnings results.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mostly higher. Japan (Nikkei 225) down 0.29%, Shanghai up 2.05%, Hong Kong (Hang Seng) rose 0.76%.
Major European markets closed lower. German (DAX) down 0.98%, France CAC 40 lost 0.35%, London FTSE 100 lower by 0.07%
Market And Sector Dynamics
Stocks opened the trading session mixed. The Dow lost 23 points, Nasdaq gained 18 points, and the S&P up 0.06 points.
The market was in a holding pattern for most of the session, with stocks holding at or near the flat line for the entire session, as investors contemplate the recent comments from the President, suggesting he does not like the Fed raising interest rates.
The markets have been holding up quite well, because of solid Q2 earnings performance, and despite worries about trade conflicts with China and our close allies, China and Mexico.
Seven of the eleven S&P sectors traded lower during the session. Real estate, utilities, consumer discretionary, telecommunications services, basic materials, and energy, led the way down. Consumer staples, and energy were lower.
Factors Influencing Today's Market
Crude oil traded moderately higher in today's session. WTI crude oil prices closed at $70.46/barrel, up 1.44%.
This week's Baker Hughes Oil rig count was down 5 rigs to 858.
Second quarter corporate earnings continues to be strong.
Asian markets closed their session higher. European stocks ended lower.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading flat to mostly lower. The Dow down 6.38 points, Nasdaq down 5.10 points, and the S&P off by 2.66 points. Total NYSE volume traded, 3.20 billion shares. Declining shares outpaced Advancing shares for1.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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