Tuesday's Market Recap - Historically The Worst Month For Markets, September Starts With A Whimp
What is The Premarket Telling Us?
7:00 AM.
This morning's markets setup is mixed, on the first trading day of September, which is traditionally the worst month for the stock market. Dow futures are down 34 points, Nasdaq futures up 3 points, and the S&P futures off by 0.25 point, (a fraction). On tap in the Senate today, we have the start of confirmation hearings for the new Supreme Court nominee, Judge Brett Kavanaugh.
On The Bond Desk:
The US 10 Year Bond Yield at 2.85%, down .01% or one basis point.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $71.26/barrel, up 2.09%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly higher. Japan (Nikkei 225) lost 0.06%, Shanghai up 1.10%, Hong Kong (Hang Seng) gained 0.94%
Major European markets were all lower. German (DAX) lost 1.10%, France CAC 40 fell 1.31%, London FTSE 100 declined 0.62%
Market And Sector Dynamics
Stocks opened the first trading session of September moderately lower. The Dow sank 49 points, Nasdaq was unchanged, and the S&P slipped 5 points. On Capitol Hill, confirmation hearing for Supreme Court Nominee, Judge Kavanaugh, is scheduled to get on the way at 9:30 AM.
Markets fell lower shortly after the open, with the Dow falling around 160 points, the low of the day, before gradually recovering most of those losses, by 11:00 AM. Stocks made another trip lower, between noon and 1:00 PM, before bouncing off those lows, again during the remainder of the afternoon session, to close just short of positive territory.
Amazon became only the second corporation, to reach the one trillion market cap mark, following Apple a few week ago.
Seven of the eleven S&P sectors closed the session with moderate losses, led by telecommunication services, real estate, basic materials, health care, technology, and energy. Utilities, financials, and consumer discretionary traded with gains.
Factors Influencing Today's Market
Amazon became the second corporation to reach one trillion market cap goal in today's session.
Crude oil fell moderately in today's session. WTI crude oil closed at $69.40/barrel, down 1.03%.
August US Auto Sales came in at a decent clip, and on pace to reach 17 Million unit sales for the 2018.
Both Asian and European markets closed lower in trading today.
Start of hearings in the Senate for Supreme Court Nominee, Judge Kavanaugh
Market Close Volume Traded And Advance Decline Ratio
At the enc of trading markets were modestly lower, having recovered most of their earlier losses. The Dow fell 12.34 points, Nasdaq lost 18.29 points, and the S&P down 4.80 points. Total NYSE volume traded, a moderate 3.04 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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