Thursday's Market Recap - Dow Regains Nearly All Its Morning Losses.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are significantly lower, as trade war anxiety takes center stage. Dow futures down 185 points, Nasdaq futures down 57 points, and the S&P futures down 19 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.00%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $67.00/barrel, down 0.98%.
On the Earnings Calendar:
Tesla reported better than expected Q2 Earning results after the close yesterday.
In M&A News:
Cisco announced today that it is purchasing unicorn company DUO for $2.35 Billion
What About The Asian And European Markets?
Major Asian markets took a beating overnight. Japan (Nikkei 225) lost 1.03%, Shanghai down 2.00%, Hong Kong (Hang Seng) gave up 2.21%.
Major European markets were all lower. German (DAX) 1.50%, France CAC 40 fell 0.68%, London FTSE 100 lower by 1.01%.
Market And Sector Dynamics
Stocks opened the trading day with gains. The Dow fell 77 points, Nasdaq added 48 points, and the S&P fell 13 points, as fears of trade war between the US and China, with the Trump Administration's threat of increase rate of tariffs to 25%.
Stocks declined precipitously after the open, the Dow at the low fell 300 points, while the Nasdaq outperformed to the upside led mostly by Apple, which today became the first company to reach the 1 Trillion Dollar market capitalization mark. The Dow turned around to positive territory midway through the afternoon session, and holding near the flat line into the closing session.
Seven of the eleven S&P sectors ended the day with gains. Technology, consumer staples, consumer discretionary, and utilities were the outperformers to the upside. Basic materials, real estate, and energy were lower.
Factors Influencing Today's Market
Tariffs fear drove markets lower, early in today's session.
WTI crude oil prices closed higher at $68.93/barrel, up 1.88%.
Cisco deal to buy DUO, a cyber security unicorn company.
This week's Initial Jobless Claim rose 1000 to 218,000
Asian and European markets close with solid losses in their session.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the Dow slipped 7.66 points, Nasdaq gained 95.40 points, and the S&P added 13.86 points. Total NYSE volume traded, a moderate 3.45 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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