Friday's Market Recap - Early Rally Fades Talk Of Additional Tariff On Chinese Products Spook In
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly positive at this hour. Dow futures up 21 points, Nasdaq futures up 14 points, and S&P futures up 1.25 points. Hurricane Florence has made land fall in the Carolinas, pummelling the area with high, winds, lots of rain, and heavy flooding.
On The Bond Desk:
The US 10 Year Bond Yield at 2.98%, unchanged.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $68.88/barrel, up 0.42%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets finished Friday mostly higher. Japan (Nikkei 225) rose 1.20%, Shanghai fell 0.18%, Hong Kong (Hang Seng) gained 1.01%.
Major European markets were moderately up in their session. German (DAX) up 0.57%, France CAC 40 up 0.46%, London FTSE 100 up 0.31%.
Market And Sector Dynamics
Markets opened the trading day moderately higher, with the Dow up 24 points, Nasdaq gained 12 points, and S&P added 2 points. August Retail Sales rose a modest 0.1% vs 0.4% anticipated. Shares of Costco was also downgraded by Wells Fargo, based on valuation.
Stocks remained mostly in positive territory during the morning session, but turned lower early in the afternoon session, after a report that President Trump had given to go ahead for a 25% tariff on the additional $200 Billion of Chinese good, he promised a few weeks ago.
Seven of the eleven S&P sectors closed the session with losses, led by real estate, utilities, telecommunication services, healthcare, and consumer staples. Financials, energy and industrials closed with gains.
Factors Influencing Today's Market
Stocks turned lower after threat of 25% tariffs on an additional $200 Billion of Chinese products.
Crude oil traded modestly higher today. WTI crude oil price closed at $68.99/barrel, up 0.58%.
Baker Hughes US Oil Rig count for this week rose 7 to 867 total.
Hurricane Florence is lashing the Carolina coast with 90 mph winds, and lots of rain, and flooding.
Asian and European markets were most higher in today's trading.
Retail Sales for August rose 0.1% vs 0.4% consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the major indices were flat to mixed. The Dow rose 8.68 points, Nasdaq fell 3.67 points, and the S&P up a 0.80 point.(fraction). Total NYSE volume traded, a moderate 3.12 billion shares. Advancing shares and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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