Monday's Market Recap - Dow Recovers From Morning Lows. Ends With Gains.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately elevated at this hour, with Dow futures up 34 points, Nasdaq futures up 13.50 points, and S&P up 3.25 points. Second quarter earnings season is in full swing, and so far investors have been happy with corporate performance, despite distractions from trade tensions, and geopolitical worries.
Pepsi announced today that Chairman & CEO Indira Nooyi, has decided to step down later this year. She is well regarded by investors, for turnaround job she has done at the company during the last twelve years. Succeeding her will be Ramon Laguarta, who was being groomed as her successor. Ms. Nooyi will remain in the Chairman role until some time in 2019.
On The Bond Desk:
The US 10 Year Bond Yield @ 2.95%.
Currency Desk:
The US Dollar continues to gains strength against other currencies
Euro dollar: 1.15
UK Pound: 1.25
Crude Oil:
WTI crude oil futures looking to push higher at $69.42/barrel, up 1.36%.
On the Earnings Calendar:
Tyson Foods reported Q3 Earnings results. The company beat analyst earnings expectations, but missed its revenue target.
Zillow Group, the online marketing company reports results after the close of business today.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mixed in today's session. Japan (Nikkei 225) fell 0.08%, Shanghai lower by 1.29%, Hong Kong (Hang Seng) rose 0.52%.
Major European markets also closed their sessions mixed. German (DAX) 0.14%, France CAC 40 down 0.03%, London FTSE 100 rose 0.06%.
Market And Sector Dynamics
Stocks opened the trading day modestly lower, with the Dow down 56 points, Nasdaq up 5 points, and the S&P up a fraction 0.69 point. At the low of the morning the Dow was down 81 points, before recovering midpoint through the morning session, reaching a high on nearly 90 points early in the afternoon session.
Stocks did lose some momentum in the back half of the afternoon session, but managed to hold on to some of its gains.
Shares of Apple, the newly minted 1 Trillion Dollar market cap company continued to outperform today. Disney also continued to move higher, ahead of anticipated good earning results on Tuesday evening, when it reports.
Nine of the eleven S&P sectors closed the session with moderate gains, led by consumer discretionary, technology, financials, and energy.
Factors Influencing Today's Market
Shares of Apple and Disney outperformed in today's session.
Crude oil traded moderately higher today. WTI crude oil closed at $69.01/barrel, up 0.76%.
Asian and European market closed their sessions mixed.
Pepsico's Chairman & CEO, Indira Nooyi is stepping down in accordance with the company's succession plan.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets were all higher. The Dow gained 39.60 points, Nasdaq gained 47.66 points, S&P rose 10.05 points. Total NYSE volume traded, 2.84 billion shares. Advancing share outpaced Declining shares nearly 1.5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance Market Watch, TD Ameritrade, Yahoo Finance.
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