Tuesday's Market Recap - Stocks Added To Yesterday's Big Gains.
What is The Premarket Telling Us?
7:00 AM.
This morning's market setup is modestly positive, suggesting stocks could add to yesterdays significant gains. Dow futures are up 22 points, Nasdaq futures up 13 points, and the S&P futures up 2.75 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.85%, up 0.02 or (2 basis points)
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.28
Crude Oil:
WTI crude oil futures sits at $68.86/barrel, down 0.01%.
On the Earnings Calendar:
Best Buy beats Q2 earnings and revenue estimates, but forward guidance was lower than expected. Shares pointing lower.
Tiffany beats Q2 earnings and revenue estimates, and improved forward guidance. Shares are pointing higher.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mixed overnight. Japan (Nikkei 225) added 0.06%, Shanghai lost 0.10%, Hong Kong (Hang Seng) added 0.28%.
Major European markets closed mixed. German (DAX) fell 10.89%, France CAC 40 rose 5.89%, London FTSE 100 fell 0.6%.
Market And Sector Dynamics
Stocks opened the trading session higher, the Dow gained 55 points, Nasdaq rose 24 points, and the S&P added 6 points.
A muscular read on Consumer Confidence Index for the month of August, is a strong positive for markets, early in the session.
Also driving markets this morning is positive news on the trade front. After the US Mexico deal announced yesterday, Canada is now back at the negotiating table, and all are hoping this will complete a new NAFTA deal.
Stocks remained positive for the entire trading session, as markets try to digest Monday's strong double digit gains.
Seven of the eleven S&P sectors closed the session with modest losses. Telecommunication services, energy, consumer staples, basic materials, technology and utilities, traded lower. Real estate and consumer discretionary were higher.
Factors Influencing Today's Market
August consumer confidence came in at a strong 133.40, the best read in about 18 years. Consensus estimate was 126.8.
Crude oil ended slightly lower in today's session. WTI crude oil prices closed at $68.53/barrel, down 0.49%.
Best Buy the electronics retailed, beat quarterly earnings and revenue estimates, but guidance was weaker than expected.
Luxury jewelry retailer, Tiffany & Co. handily beat Q2 earnings and revenues estimates, and raised guidance.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow added 14.38 points, Nasdaq rose 12.14 points, and the S&P added 0.78 (a fraction of a point). Total NYSE volume traded, a light 2.65 billion shares. Declining shares outpaced Advancing shares just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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