Monday's Market Recap - Mixed Session As Apple Declines, And Berkshire Hathaway Buys Back $900 M
What is The Premarket Telling Us?
7:00 PM.
US stock futures are modestly higher, with the Dow futures up 18 points, Nasdaq futures up 11 points, and the S&P futures up 2.50 points. Crude oil is in a free fall, as the Trump Administration reinstates sanction on Iran. It is the eve of the mid-term election, and no doubt that will be weighing on investor psyche, today and tomorrow.
On The Bond Desk:
The US 10 Year Bond Yield has tick higher at 3.20%, down 0.01%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $62.66/barrel, down 7 %.
On the Earnings Calendar:
Berkshire Hathaway reported strong quarterly earnings, and is also buying back $900 million worth of stock
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets lost ground overnight. Japan (Nikkei 225) lost 1.60%, Shanghai down 0.41%, Hong Kong (Hang Seng) down 2.08%.
Major European markets were down in today's session. German (DAX) down 0.21%, France CAC 40 0.74%, London FTSE 100 up 0.14%.
Market Direction And & Sector Dynamics
Stocks opened the trading session solidly higher, with the Dow gaining 90 points, Nasdaq fell 30 points, and the S&P up 7 points. Once again today, Apple is a big drag on markets, especially the Nasdaq, and so is Amazon, Facebook, and Alibaba.
After a sluggish going in the firs hour of trading, markets seems to have found its footing, as the markets digested the news that Warren Buffet's Berkshire Hathaway, reported a blowout quarter, and is buying back $900 Million worth of shares.
Eight of the eleven S&P sectors closed the session with gains, led by real estate, energy, financials, utilities, consumer staple, healthcare, industrials, and basic materials.
Factors Influencing Today's Market
Apple weighed negatively on the markets today, as reports suggest the company is cutting back on production of some of its new iPhones.
Crude oil traded modestly higher today, as the US reinstates sanction against Iran. WTI crude oil closed at $62.86/barrel, down 0.17%.
Berkshire Hathaway is buying back $900 million worth of its own shares.
Major Asian and European markets were lower in Monday's session.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mixed. The Dow gained 190.87 points, Nasdaq fell 28.14 points, and the S&P gained 15.25 points. Total NYSE volume traded, a moderate 3.58 billion shares. Advancing shares outpaced Declining shares by nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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