Friday's Market Recap - Lingering US -Canada Trade Negotiations Worry Investors.
What is The Premarket Telling Us?
US stock future are modestly lower, before the start of trading. Dow futures down 33 points, Nasdaq futures down 4.50 points, and the S&P up 3.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.86%, down 0.02% or (2 basis points).
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $69.76/barrel, down 0.70%.
On the Earnings Calendar:
None
In M&A News:
Coca Cola buying European Coffee company, Costa Coffee for $5.1 billion.
What About The Asian And European Markets?
Major Asian markets traded lower today. Japan (Nikkei 225) slipped 0.02%, Shanghai fell 0.46%, Hong Kong (Hang Seng) down 0.98%.
Major European markets were all lower more than one percent. German (DAX) slipped 1.04%, France CAC 40 1.30%, London FTSE 100 fell 1.11%.
Market And Sector Dynamics
Stocks opened the trading day modestly lower, based on partly on blow out quarterly earnings from Lululemon, after the bell yesterday, and slightly higher crude oil prices, up 0.37%, at $69.99/barrel. The Dow fell 35 points, Nasdaq up 5 points, and the S&P slipped 2 points.
Markets also got another piece of positive news this morning, as Coca Cola announced it buying European coffee outfit, Costa Coffee in a deal worth $5.1 Billion.
Stocks turned even lower, shortly after the opening, as investors worry about potential new tariffs on China, and negotiations with our closest ally, Canada, as the self imposed Friday deadline seems to be slipping away without a deal. Markets lost even more momentum in the afternoon session, to close off the low of the day.
Six of the eleven S&P sectors closed the day lower, led by energy, utilities, telecommunication services, and basic materials. Real estate and consumer discretionary traded higher.
Factors Influencing Today's Market
Negotiation of a new NAFTA continues with Canada continues. Investors are hoping for a deal by the end of today.
Crude oil traded slightly lower in the session. WTI crude oil closed at $69.80/barrel, down 0.64%.
This week's Baker Hughes Oil Rig count rose by 2 to 862 total.
Asian and European markets closed lower.
Consumer Sentiment for August came in a bit soft 96.2 vs 97.9 for July.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets were mixed, The Dow fell 22.10 points, Nasdaq gained 21.17 points, and the S&P added 0.39 point. Total NYSE volume traded, 2.83 billion shares. Advancing shares outpaced Declining shares by 1.15:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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