Thursday's Market Recap - Additional Tariffs On China, And Worry About Emerging Markets Sink Sto
What is The Premarket Telling Us?
7:00 AM.
This morning's market set up is pointing to a moderately negative open. Dow futures are down 75 points, Nasdaq futures down 16 points, and S&P futures down 6 points. Talks between the US - Canada is continuing, as the imposed Friday deadline looms.
Asian markets were weaker overnight.
On The Bond Desk:
The US 10 Year Bond Yield holds at 2.88%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.30
Crude Oil:
WTI crude oil futures looking up at $69.93/barrel, up 0.60%.
On the Earnings Calendar:
Campbell Soup reported disappointing earning results.
Lululemon and Ulta Beauty Inc., report after the closing bell today.
In M&A News:
Campbell's Soup plans to sell its international and fresh refrigerated-food units.
What About The Asian And European Markets?
Major Asian markets traded lower overnight. Japan (Nikkei 225) rose 0.09%, Shanghai fell 1.14%, Hong Kong (Hang Seng) fell 0.89%.
Major European markets were all negative today. German (DAX) fell 0.54%, France CAC 40 down 0.42%, London FTSE 100 lost 0.62%.
Market And Sector Dynamics
Stocks opened the trading day moderately lower. The Dow lost 26 points, Nasdaq fell 15 points, and the S&P was down 5 points. Markets are cautious as investors await the results of the US - Canada NAFTA negotiations, as the Friday deadline looms.
Emerging market was also a concern for markets today, as the US Dollar strengthens, against other currencies.
Stocks traded in negative territory for the entire session, falling even lower, in the afternoon session, on fears that the Trump administration will place additional tariffs on Chinese goods, next week.
Ten of the eleven S&P sectors closed today's session with losses, led by basic materials, financials, industrials, consumer discretionary, and real estate.
Factors Influencing Today's Market
US - Canada trade talks continue in Washington.
Investors worry that additional tariffs could be added on Chinese goods next week.
Crude oil rose moderately in today's trading. WTI crude price closed at $70.03/barrel, up 0.75%.
Recent strengthening of the US Dollar
This week's Initial Jobless Claims rose 3,000 to 213,000 total.
Campbell's Soup planning to sell its international fresh, and refrigerated-food units.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, all the major indices were solidly lower. The Dow fell 137.65 points, Nasdaq lost 21.32 points, and the S&P fell 12.91 points. Total NYSE volume traded, a modest 2.76 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments