Wednesday's Market Recap - Big Technology, A Drag On Markets Today.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately in the red this morning. Dow futures are down 79 points, Nasdaq futures down 20 points, and S&P futures down 6 points. Today is shaping up to be a busy day, as the officials from Facebook, Sheryl Sandberg, and Twitter's Jack Dorsey, will testify before the Senate Intelligence Committee, on steps they have taken to avoid interference with the upcoming November mid-term elections. Also, the confirmation hearings for Judge Kavanaugh continues in the Senate.
On The Bond Desk:
The US 10 Year Bond Yield at 2.90%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $68.87/barrel, down 1.43%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded solidly lower today. Japan (Nikkei 225) down 0.51%, Shanghai down 1.68%, Hong Kong (Hang Seng) fell 2.61%.
Major European markets were also lower. German (DAX) fell 1.39%, France CAC 40 lost 1.54%, London FTSE 100 down 1.0%.
Market And Sector Dynamics
Stocks opened the trading session lower, with the Dow falling 10 points, Nasdaq down 28 points, and the S&P down 4 points. Investors are responding to a lot this morning. There is Supreme Court Hearing continues for Judge Kavanaugh, Facebook's Sheryl Sandberg, and Twitter's Jack Dorsey, testimony before the Senate Intelligence Committee, on Russian interference. In addition, trade talks between the US and Canada reconvenes today.
Crude oil prices began the day lower, with WTI crude off by 0.50%, at $69.52/barrel, and technology stocks, led by Facebook, Twitter, Netflix putting pressure on the markets, early.
The Dow hovered at or near neutral for most of the morning session, before creeping higher just before the close of trading.
Eight of the eleven S&P sectors closed the session with gains, led by utilities, consumer staples, telecommunication services, basic materials, industrials, real estate and healthcare. Technology and consumer discretionary were the major laggards.
Factors Influencing Today's Market
Facebook and Twitter testimony before the Senate Intelligence Committee, kept the technology sector under pressure today.
US - China trade talks resumed today, but a successful outcome is uncertain.
Asian and European markets close the session with solid losses.
Crude oil traded lower in the session. WTI crude oil price closed at $68.72/barrel, down 1.65%.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading on this first trading day of September, markets were mixed. The Dow gained 22.51 points, Nasdaq tanked 96.07 points, and the S&P lost 8.12 points. Total NYSE volume traded, 3.20 billion shares. Decliners outpaced Advancers by 1.23:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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