Tuesday's Market Recap - Dow Lower Ahead Of Fed/FOMC Decision Tomorrow.
What is The Premarket Telling Us?
7:00 PM.
US stocks should open in positive territory this morning, as is being suggested by US stock futures. Dow futures are up 78 points, Nasdaq futures up 12.50 points, and S&P futures up 7.50 points. The Fed/FOMC is expect to hike interest rates tomorrow, the third such hike for the year.
On The Bond Desk:
The US 10 Year Bond Yield at 3.08%, up 0.01%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at looking higher at $72.53/barrel, up 0.29%.
On the Earnings Calendar:
Nike reports after the closing bell this evening.
In M&A News:
Berger chain, Sonic is being acquired by Inspire Brands, the parent company of Arby's, for $2.3 Billion.
Michael Kors is buying Versace for $2.1 Billion.
In
What About The Asian And European Markets?
Major Asian markets mixed to lower. Japan (Nikkei 225) gained 0.29%, Shanghai down 0.58%, Hong Kong (Hang Seng) down lost 1.62%.
Major European markets traded higher in today's session. German (DAX) up 0.19 %, France CAC 40 0.05%, London FTSE 100 up 0.66%.
Market And Sector Dynamics
Stocks opened modestly positive, with the Dow gaining 40 points, Nasdaq rose 2 points, and the S&P gained 2 point. WTI crude oil is up again this morning, sitting at $72.50/barrel, up 0.58%. The Fed/FOMC began their September meeting today, and a 25 basis point rate hike is expected tomorrow.
Stock trended lower throughout today's session, as trade continue to worry markets, and further heightened by the President's America first was again highlighted in his speech to the UN General Assembly this morning. A clear rebuke of globalism, abandoning the United States leadership role in the World.
Eight of the eleven S&P sectors closed the day with losses, led by utilities, consumer staples, basic materials, financials, industrials, and healthcare. Energy and consumer discretionary ended the day with gains.
Factors Influencing Today's Market
US China trade uncertainty hanging over markets.
Markets are expecting the Fed to hike interest rate tomorrow.
Crude oil was modestly lower in the session. WTI crude oil closed at $71.94/barrel, down 0.19%.
Michael Kors is buying Versace for $2.1 Billion.
Berger chain, Sonic is being bought by the parent company of Arby's for $2.3 Billion.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading today markets were mixed. The Dow fell 69.84 points, Nasdaq rose 14.22 points, and the S&P gave up 3.81 points. Total NYSE volume traded, a moderate 3.25 billion shares. Declining shares outpaced Advancing shares by 1.26:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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