Wednesday's Market Recap - Dow Declines More Than 300 Points Intraday, But Ends Well Off The L
What is The Premarket Telling Us?
7:00 AM.
US stock futures are deep in the red, indicating markets will open convincingly lower. Dow future down 140 points, Nasdaq futures down 50 points, and S&P futures down 15 points. Major Asian markets closed their session lower.
On The Bond Desk:
The US 10 Year Bond Yield sitting at 2.90%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $66.22/barrel, down 1.22%.
On the Earnings Calendar:
Chinese Internet giant, Tencent, reported disappointing quarterly results, missing it's earnings targets.
Macy's reported a solid quarterly results before the opening bell.
CISCO reports quarterly results after the closing bell today.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were solidly lower overnight. Japan (Nikkei 225) lost 0.68%, Shanghai down 2.08%, Hong Kong (Hang Seng) fell 1.55%.
Major European markets closed with solid losses today. German (DAX) down 1.58%, France CAC 40 1.82%, London FTSE 100 fell 1.49%
Market And Sector Dynamics
Stock opened the trading day significantly lower. The Dow fell 145 points, Nasdaq lost 60 points, and and the S&P fell 17 points.
Turkey currency problem continues to be in the headlines, albeit a little less pronounced in today's session. Also causing mild concern, Argentina and Indonesia have hiked their own interest rates.
Shares of China internet giant, Tencent down big today, after posting disappointing earnings results, casting negative sentiment on our markets, especially the technology sector.
Crude oil also down early, with WTI crude oil $66.19/barrel, down 1.29%. Investors are digesting the events of the last few days,
Energy and materials sectors are trended lower in the session.
Stocks remained solidly in negative territory for the entire trading session. At the low of the day, the Dow was down more than 330 points.
Seven of the eleven S&P sectors ended the day lower. Energy, basic materials, consumer discretionary, technology, financials, and industrials, outperformed to the downside.
Factors Influencing Today's Market
Turkey currency tensions continue as that country's president announces tariffs on US electronics, imported into that country.
Macy's reported better than expected earnings performance. Shares of the company ended lower in today's session.
Crude oil prices tanked in the session. WTI crude oil closed at $65.01/barrel, down 3.03%.
China's internet giant, Tencent, disappointed investors after reporting weak quarterly results.
Both Asian and European markets were solidly lower in their session.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow lost 137.51 points, Nasdaq fell 96.78 points, and the S&P down 21.59 points. Total NYSE volume traded, 3.62 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments