Friday's Market Recap - Down Big On Weak Earnings From Amazon And Google.
What is The Premarket Telling Us?
7:00 PM.
Stock futures are all glaring red this morning, with Dow futures down 244 points, Nasdaq futures down 149 points, S&P down 33 points. Disappointing quarterly reports from Amazon and Google after the close of trading yesterday is weighing negatively on markets, ahead of the opening bell.
On The Bond Desk:
The US 10 Year Bond Yield 3.14%, down up 0.02%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $66.49/barrel, down 1.25%.
On the Earnings Calendar:
Amazon and Google disappointed investors after the closing bell yesterday.
Intel reports better than expected quarterly earnings, pushing the shares higher.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets fell overnight. Japan (Nikkei 225) lost 0.40%, Shanghai fell 0.19%, Hong Kong (Hang Seng) down 1.11%.
Major European markets were also lower today's session. German (DAX) down 0.94%, France CAC 40 down 1.29%, London FTSE 100 fell 0.92%.
Market Direction And & Sector Dynamics
As the futures indicated earlier, Stocks opened the trading day decidedly lower. The Dow sank 240 points, Nasdaq tanked 180 points, and the S&P lost 40 points. Shares of technology companies are under pressure early, led by Amazon and Google.
Not even a better than expected 3.50% in US GDP growth can help to stem the downturn this morning.
Stock continue to decline in the morning session, with the Dow down 540 points around 11:00 AM. Markets did claw back a big chunk of those morning losses, with the Dow down a mere 80 point around 1:00 PM. Unfortunately, the bulls were not able to hold on to that level, as the wave of selling continued during the rest of the afternoon session, albeit less intense than in the morning session.
Today's selloff was broad-based, orderly, and negative. All eleven S&P sectors lost ground today. Consumer discretionary, real estate, communication services, technology, utilities, consumer staples, financials, healthcare, and industrials, outperformed to the downside.
All but four of the Dow 30 Component stocks were lower. Only intel, Merck, Traveler's, and Walgreen closed with gains.
Factors Influencing Today's Market
Disappointing quarterly earnings from Amazon, and Google, took down FAANG and other technology stocks.
Better than expected quarterly earnings from chip maker Intel.
Asian markets fell again overnight.
Crude oil traded modestly higher in the session. WTI crude oil closed the day at $67.88/barrel, up 0.39%.
First read on US 3Q GDP came in at a solid 3.50% vs 3.3 consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session markets were again significantly lower, with the Dow sank 296.24 points, Nasdaq fell 151.12 points, S&P lost 46.88 points. Total NYSE volume traded, A solid 4.76 billion shares. Declining shares outpaced Advancing shares almost 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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