Thursday's Market Recap - Stocks Down On US China Tariffs, And Interest Rate Worries.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are most flat this morning, ahead of the start of trading. Dow futures up 9 points, Nasdaq was unchanged, and the S&P up 1.25 points. Asian markets traded mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.82%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.28
Crude Oil:
WTI crude oil futures sitting at $67.94/barrel, up 0.12%.
On the Earnings Calendar:
Alibaba reported strong beating both earnings and revenue expectations.
Gap also reports better than expected earnings and sales results.
In M&A News:
Investors learned yesterday afternoon, that the Saudi Aramco IPO offering may be dead.
What About The Asian And European Markets?
Major Asian markets ended Friday mixed. Japan (Nikkei 225) up 0.22%, Shanghai up 0.37%, Hong Kong (Hang Seng) fell 0.49%.
Major European markets were slightly lower in today's session. German (DAX) lost 0.16%, France CAC 40 slipped 0.02%, London FTSE 100 gave up 0.15%.
Market And Sector Dynamics
Stocks opened the trading day mostly flat. The Dow opened down 18.74 points, Nasdaq dropped 2.63 points, and the S&P fell 1.53 points. Amid worries about the US - China trade war, and its effect on the trajectory of interest rates, investors appear cautious.
Stocks trended lower during the morning session, reaching the low of the day around Noon, with the Dow down about 125 points.
Markets did recover some of the morning's losses, but remained decidedly negative for the entire session.
Ten of the eleven S&P sectors closed the session with moderate losses, led by basic materials, energy, financials, industrias, real estate, and consumer staples. Technology closed the day higher.
Factors Influencing Today's Market
The Saudi Aramco IPO may have been put on hold.
WTI crude oil close at $67.83 points, down 0.04%.
This week's Initial Jobless Claims fell 2,000 claims to 210,000.
Shares of Alibaba started the day higher after posting strong quarterly result, but ended the session lower.
Shares of the Gap, also traded lower, despite beating earnings and sales estimates.
Market Close Volume Traded And Advance Decline Ratio
At the end of the trading session, the Dow was lower by 76.62 points, Nasdaq lost 10.64 points, and the S&P fell 4.84 points. Total NYSE volume traded, a light 2.69 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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