Monday's Market Recap - Stocks Modestly Down On Rising Geopolitical Tensions With Iran.
What is The Premarket Telling Us?
7:30 AM.
US stock index futures are lower, at this hour, indicating stocks could open the trading day lower. Dow futures down 15 points, Nasdaq futures down 26 points, and the S&P down 2 points. This week will be a huge week in earnings season, with many large US technology corporation reporting Q2 earnings results.
In a 'fire and fury' type tweet this morning, President Trump warns the Iranian President of the consequences of threatening the US.
Automaker Chrysler/Fiat, in a surprise announcement over the weekend, the company said that CEO Sergio Marchionne is stepping down from the helm due to serious complications of shoulder surgery.
On The Bond Desk:
The US 10 Year Bond Yield has ticked up to 2.90%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.31
Crude Oil:
WTI crude oil futures is pointing higher at $69.00/barrel, up 1.08%.
On the Earnings Calendar:
Halliburton reported before the bell. The company met analyst earnings and revenue estimates. Shares are lower in the premarket.
Search giant, Alphabet Google reports after the closing bell this evening.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mixed on Monday. Japan (Nikkei 225) down 1.33%, Shanghai added 1.07%, Hong Kong (Hang Seng) add 0.11%.
Major European markets were modestly lower. German (DAX) down 0.10%, France CAC 40 fell 0.37%, London FTSE 100 down 0.30%.
Market And Sector Dynamics
Investors debate what's preventing markets from going lower, amidst pressure from trade war, geopolitical uncertainty. Could it be corporate earnings.
Markets opened the trading day with modest losses. The Dow fell 21 points, Nasdaq dropped 13 points, and the S&P down 3 points.
Stocks remained lower in the morning session, but turned positive, early in the afternoon session, hugging the flat line for the rest of the session, and slipped lower at the close.
Eight of the eleven S&P sectors closed today's session with losses, led by utilities, industrials, consumer staples, basic materials, and energy.
Factors Influencing Today's Market
Crude oil traded modestly lower in today's session. WTI crude oil prices closed at $67.89/barrel, down 0.56%.
June's Existing Home Sales came in slightly lower at 5.83 million vs 5.44 million consensus estimate.
Better than expected Q2 Earning results from Halliburton.
President Trump's tweet war with Iranian President, heightening geopolitical tensions.
Chrysler Fiat CEO forced to step down due to illness.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, markets were mixed. The Dow fell 13.83 points, Nasdaq gained 21.67 points, and the S&P rose 5.15 points. Total NYSE volume traded, a light 2.86 billion shares. Declining shares outpaced Advancing shares by 1.34:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments