Monday's Market Recap - Investor Nervous About Peak Earnings, Trade Wars, And Higher Interest Ra
What is The Premarket Telling Us?
7:00 PM.
US stock futures are all green arrows this morning, suggesting a positive market open. Dow futures are up 128 points, Nasdaq futures up 49 points, and S&P futures up 9 points. Chinese stock soared overnight, as the authorities jawbone their markets.
On The Bond Desk:
The US 10 Year Bond Yield at 3.20%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at @$69.5/barrel, up.33%.
On the Earnings Calendar:
Oil services provider, Halliburton beat analyst earnings and revenue expectation, but the company reported that demand was soft.during the quarter.
Toymaker Hasbro reported disappointing quarterly earnings results, as the company deals with the lingering impact of the bankruptcy of ToysAreUs
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets close significantly higher. Japan (Nikkei 225) gained 0.37%, Shanghai gained 4.09%, Hong Kong (Hang Seng) up 2.32%.
Major European markets fell modestly in today's session. German (DAX) 0.26%, France CAC 40 down 0.62%, London FTSE 100 fell 0.10%.
Market And Sector Dynamics
Stocks opened the trading session moderately higher. The Dow gained 94 points, Nasdaq rose 46 points, and S&P was up 10 points, buoyed by a rebound in China overnight, as Beijing pledges to do whatever it takes to support the Chinese economy, including tax cuts. Investor cheered that policy stance by pushing Chinese markets higher. Also helping markets this morning, a welcome upgrade of chip maker, Intel, from neutral, to buy at Nomura.
Market breath is 3:1 positive in the early going, with the Dow gaining 117 points. A short while later the rally faded, as shares of Dow Dupont, American Express, and Goldman Sachs weighed negatively on the Dow. By noon the Dow was down more than nearly 200 points, and remained lower for the rest of the session.
Nine of the eleven S&P sector close with losses, led by financials, real estate, energy, basic materials, healthcare, consumer staples, and utilities. Technology and consumer discretionary close with gains.
Factors Influencing Today's Market
Strong rebound in Asian markets especially in China, as the Authorities promise to support markets.
Crude oil was basically flat in today's trading. WTI crude oil closed at $69.17/barrel, up 0.07%.
Chipmaker, Intel, upgrade by Nomura from neutral to buy.
Shares of Dow Dupont, American Express, and Goldman Sachs was a major drag on the Dow today.
Disappointing quarterly earnings from Halliburton, and Hasbro.
US 10 Year Bond yield close the today's session at 3.20%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended the major indices were mixed. The Dow fell 126.93 points, Nasdaq gained 19.60 points, and the S&P gave up 11.90 points. Total NYSE volume traded, a moderate 3.27 billion shares. Declining shares outpaced Advancing shares by 1.42:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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