Thursday's Market Recap - Technology And Energy Weighed Negatively On Stocks Today.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mixed at this hour. Dow futures up 20 points, Nasdaq futures down 4.75 points, and the S&P futures down a fraction 0.50 point. Judge Kavanaugh, Supreme Court nominee continues his testimony in the Senate today.
ADP Private Payroll jobs for August added 163,000 vs 190,000 expected.
Markets learned today that the CBS Board of Directors are in talks with Chairman and CEO, Les Moonves, about an exit package, worth nearly $200.00 Million.
Yesterday afternoon, the New York Times reported an Opinion Letter by an (anonymous source) very senior in the Trump
Administration, saying they are a group of similar people working on the inside to protect the country from President Trump's worst impulses. Coming on the heels of Bob Woodward's book, Fear, in limited release last week. This is causing some concern for markets.
On The Bond Desk:
The US 10 Year Bond Yield at 2.90%, unchanged.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.29
Crude Oil:
WTI crude oil futures pointing higher at $68.78/barrel, up 0.09%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets close their session lower. Japan (Nikkei 225) fell 0.41%, Shanghai down 0.47%, Hong Kong (Hang Seng) down 0.99%
Major European markets also closed with losses. German (DAX) down 0.71%, France CAC 40 0.31%, London FTSE 100 0.87%.
Market And Sector Dynamics
Stocks opened the trading day basically flat. The Dow fell 2 points, Nasdaq gained 3 points, and the S&P was up 0.04, a fraction. A strong ADP Private Payroll number, up 163,000 vs 190, 000 expected should help markets today. Stocks climbed higher during the mid-point of the morning session, with the Dow up over 90 points.
A decline in technology stock, coupled with a weakness in energy prices, are pressuring the indices in early trading.
Shares of Facebook and Twitter were significantly down again in the morning, after the Justice Department suggested it may take a look at social media companies to determine whether these platforms are biased against conservative voices.
Stocks hit the lows of the day shortly before noon, with the Dow down around 90 points, but gradually recovered in the afternoon session, to end modestly positive for the day.
Six of the eleven S&P sector closed with moderate gains. Telecommunication services, utilities, real estate, industrials, and consumer staples. Energy, technology, financials, and consumer discretionary were significantly lower.
Factors Influencing Today's Market
Crude oil was moderately lower in today's session. WTI crude oil prices closed at $67.71/barrel, down 1.38%.
Crude oil Inventory fell by 4.3 million barrels, for this week, and 13.2% lower than last year.
August ADP Private Payroll rose 163,000 vs 190,000 estimated. A strong report.
Facebook and Twitter fell again in today's session, on threat of potential regulation by the Justice Department.
CBS Board of Directors are in talks with Chairman and CEO Les Moonves, on an exit plan.
Asian and European markets were all lower in today's trading.
Market Close Volume Traded And Advance Decline Ratio
At the end of the day, markets were mixed. The Dow gained 20.88 points, Nasdaq lost 72.45 points, and the S&P fell 10.55 points. Total NYSE volume traded, a light 2.34 billion shares. Declining shares outpaced Advancing shares by 1.44:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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