Monday's Market Recap - Additional Tariffs On Chinese Products Drove Stocks Decline.
What is The Premarket Telling Us?
7:00 PM.
US stock futures were modestly positive. Dow futures up 21 points, Nasdaq futures up 14 points, and the S&P up 1.25 points. Asian markets closed mostly lower overnight.
McDonald was downgraded today.
Salesforce.com, Mark Benioff, and his wife are buying Time Magazine for $190 million.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.99% up 0.03% or three basis points.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $69.50/barrel.up 0.74%.
On the Earnings Calendar:
FedX and Oracle reports after the closing bell this evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mixed. Japan (Nikkei 225) gained 1.20%, Shanghai down 1.11%, Hong Kong (Hang Seng) down 1.30%.
Major European markets fell modestly in today's session. German (DAX) down 0.23%, France CAC 40 off 0.07%, London FTSE 100 lost 0.03%.
Market And Sector Dynamics
Stocks opened the trading day moderately lower. The Dow lost 30 points, Nasdaq lost 52 points, and the S&P off 5.78 points, big technology stocks are under pressure, led by Apple, Facebook, Twitter, and Alibaba.
Stocks lost steam late in the morning session, sinking even lower, as the President stated in a press opportunity, that he will have an announcement on China, after the market close today. It is largely expected that he will announce additional tariffs on Chinese products.
Seven of the eleven S&P sectors closed the session with moderate gains. Real estate, consumer staples, utilities, basic materials, energy, and telecommunication services.
Factors Influencing Today's Market
Big technology stocks all fell today, putting downward pressure on markets.
Stocks sunk lower after the President announced he was adding tariffs on another $200 Billion of Chinese products.
Crude prices fell modestly in today's session. WTI crude oil price closed at $68.91/barrel, down 0.12%.
The US 10 year bond yield closed the day at 3% in the session.
McDonald's was downgraded by Stiffel today, on the ground that store remodels will weigh on company sales through 2019.
Asian and European markets were mostly lower in today's trading.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were lower. The Dow lost 92.55 points, Nasdaq tanked 114.25 points, and the S&P down 16.18 points. Total NYSE volume traded, light 2.91 billion shares. Declining shares outpaced Advancing shares 1.60:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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