Monday's Market Recap - Technology Stocks Continue To Decline, Pushing Markets Lower.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are flat to slightly lower, to kick off the new trading week. Dow futures up 15 points, Nasdaq futures down 12 points, and the S&P down 2 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.96%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $69.73/barrel, up 1.51%.
On the Earnings Calendar:
Caterpillar reported strong Q2 Earnings results before the bell this morning. The company beat on both the top and bottom line, and raised its profit outlook.
In M&A News:
The popular, well like Chairman & CEO of CBS is having his #MeToo moment. He has been accused of sexual harassment, going back decades. There is speculation that this could weaken CBS's hand as it resists a combination with Viacom, which Sherry Redstone, the largest shareholder of both companies, would like to see happen.
What About The Asian And European Markets?
Major Asian markets were lower overnight. Japan (Nikkei 225) down 0.74%, Shanghai fell 0.16%, Hong Kong (Hang Seng) lost 0.25%.
Major European markets also recorded losses in their session. German (DAX) fell 0.48%, France CAC 40 down 0.37%, London FTSE 100 slipped 0.01%.
Market And Sector Dynamics
Markets opened today's session flat. The Dow fell 12 points, Nasdaq lost 2.15 points, and the S&P was up a fraction 0.18 point.
Strong earnings from Caterpillar is moving markets early, but may not be enough to stem the decline.
Stocks lost ground for the entire trading session, with the Dow hitting the low of the day, early in the afternoon session, as shares of technology companies, like Facebook, Twitter, continued their decline, following their less than stellar quarterly results.
Seven of the eleven S&P sectors ended the session with modest losses, led by technology, industrials, consumer discretionary, utilities, and materials.
Factors Influencing Today's Market
Strong quarterly earning from Caterpillar was a positive for markets today. Share of the company did eventually end the day lower.
Crude oil recorded solid gains in trading today. WTI crude oil prices closed at $70.13/barrel, up 2.10%.
Both Asian and European stock closed with losses.
Shares of CBS remains under pressure as a result of sexual harassment accusations against its Chairman & CEO.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were lower. The Dow fell 144.23 points, Nasdaq fell 107.42 points, and the S&P lost 16.22 points. Total NYSE volume traded, a decent 3.22 billion shares. Declining shares outpaced Advancing shares by 1.15:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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