Monday's Market Recap - Falling Turkish Lira Weighed Negatively On Stocks Again Today.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately lower this morning. Dow futures are down 94 points, Nasdaq down 26 points, and the S&P down 9 points, indicating stocks should open lower. Turkey's currency problem continues to be a concern for global markets.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.86%.
Currency Desk:
The US $ continues to strengthen against other currencies.
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures $67.29/barrel, down 0.50%
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded lower overnight. Japan (Nikkei 225) fell 1.98%, Shanghai down 0.34%, Hong Kong (Hang Seng) lost 1.52%.
Major European markets also fell today. German (DAX) lost 0.53%, France CAC 40 down 0.04%, London FTSE 100 down 0.32%.
Market And Sector Dynamics
Stocks opened the trading day higher. The Dow rose 30 points, Nasdaq rose 11 points, and the S&P up 3 points. Crude oil price is also under pressure, with WTI at $67.26/barrel, down 0.55%. The growing strength of the Dollar, is also a negative for crude oil prices.
Stocks are also responding early, to unconfirmed reports suggesting that Turkey may be getting ready to release the US pastor it is holding.
Stocks turned negative in the latter part of the morning session, as uncertainty surrounding the situation in Turkey weighed on markets, as shares of energy, financials, and materials, lost ground.
Nine of the eleven S&P sectors closed the session with losses. Energy, basic materials, financials, industrials, and consumer discretionary led the outperformers to the downside.
Factors Influencing Today's Market
Fear of contagion from the decline of the Turkish Lira dominated markets again today.
Crude oil prices fell modestly lower in the session. WTI crude oil price closed at $67.41/barrel, down 0.59%.
The US$ has strengthened against the other currencies, as part of the safe haven trade.
Major Asian and European markets ended their session with losses.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were solidly lower. The Dow lost 125.44 points, Nasdaq fell 19.40 points, and the S&P lost 11.35 points. Total NYSE volume traded, 3.12 billion shares. Declining shares outpaced Advancing shares roughly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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