Tuesday's Market Recap - US - China Trade Worries Still The Major Cloud Hanging Over Stocks.
What is The Premarket Telling Us?
7:30 AM.
US stock futures are a sea of red two and a half hours before the bell. Dow futures are down 116 points, Nasdaq down 19 points, and the S&P lost 7.25 points.
On The Bond Desk:
The US 10 Year Bond Yield remains unchanged at 2.94%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $67.84/barrel, up 0.44%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) gained 1.30%, Shanghai down 0.18%, Hong Kong (Hang Seng) fell 0.72%.
Major European markets were also mixed. German (DAX) fell 0.13 %, France CAC 40 added 0.27%, London FTSE 100 down 0.08%.
Market And Sector Dynamics
Stocks opened today's trading session solidly lower. The Dow down 86.44 points, Nasdaq fell 42 points, and the S&P down 9.77 points. US - China trade tariffs, and lingering US - Canada talks continues to be a negative for markets.
Crude oil prices surged in today's session, as Hurricane Florence barrels towards the Carolina coasts. Residents and tourist are being encouraged to evacuate those areas.
Stocks turned around around noon, perhaps on comments from Canadian Foreign Minister, that trade talks are continuing. Stocks gained momentum in the afternoon session, with the Dow gaining more than 140 points at the high of the day.
Shares of Apple, Facebook, Twitter were all higher in today's trading, ahead of Apple's new products roll out, scheduled for tomorrow.
Six of the eleven S&P sectors ended the session with moderate gains, led by telecommunication services, energy, technology, and consumer discretionary, were the outperformers. Consumer staples and utilities were down in today's session.
Factors Influencing Today's Market
Trade worries continues to under pin the performance of the markets.
Crude oil surged in the session as Hurricane Florence threatens the Caroline coastline. WTI crude oil closed at $69.25/barre, up 2.53%.
The US 10 year bond yield closed two basis point below the 3.0% level.
The July JOLTS job opening report has surged higher to 6.939 million vs 6.670 expected.
Asian and European markets were mixed in their session.
Market Close Volume Traded And Advance Decline Ratio
When trading ended the Dow gained 113.99 points, Nasdaq added 48.31 points, and the S&P gained 10.76 points. Total NYSE volume traded, a light 2.85 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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