Wednesday's Market Recap - Decline In Crude Oil Prices Led Stocks Lower.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mostly flat, two and a half hours ahead of the opening bell. Dow futures up 9 points, Nasdaq futures down a fraction 0.59 point, and the S&P up 0.50 point. Asian markets closed mostly lower, overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.97%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $69.04/barrel, down 0.19%.
On the Earnings Calendar:
CVS handily beats Q3 Earning performance.
Michael KORS also reported better than expected Q2 Earnings results.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) down 0.08%, Shanghai down 1.27%, Hong Kong (Hang Seng) up 0.39%.
Major European markets ended mixed. German (DAX) lost 0.12%, France CAC 40 down 0.35%, London FTSE 100 higher by 0.75%.
Market And Sector Dynamics
Stocks opened the trading day modestly lower, with the Dow down 30 points, Nasdaq down 10 points, and the S&P fell 3 points. Solid earnings from CVS, and Michael KORS is a positive sentiment for the markets early. Crude oil is lower early in the session. WTI crude oil currently at $68.11/barrel, down 1.55%.
Markets traded in negative territory for the entire trading session, as pressure for falling crude oil prices, weighed heaviest on markets.
Stocks were mostly mixed, with six of the eleven S&P sectors, closing the session lower, led by consumer staples, energy, utilities, real estate, industrials, and basic materials.
Factors Influencing Today's Market
Strong Q2 Earnings from CVS Healthcare, and Michael KORS fashion brand.
Crude oil traded significantly lower in today's session. WTI crude oil price closed at $66.94/barrel, down 3.22%.
This week's EIA Status report shows crude oil inventories fell 1.4 million barrels to 407.4 million barrels, 14.3% below last year's level.
Asian markets ended lower, while European markets were mixed.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading stocks were modestly level. The Dow fell 46.16 points, Nasdaq added 4.66 points, and the S&P down a fraction, at 0.76 point. Total NYSE volume traded, a light 2.93 billion shares. Declining shares outpaced Advancing shares by 1.16:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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