Friday's Market Recap - Stocks Down On Fed Concerns And Possibility Of Slowing Global Growth.
What is The Premarket Telling Us?
7:00 PM.
US stock futures are a sea of red this morning. Dow futures down 110 points, Nasdaq futures down 55 points, and the S&P futures fell 14 points.
On The Bond Desk:
The US 10 Year Bond Yield sits at 3.23%, up 0.02%, or two basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $59.81/barrel, down 1.42%.
On the Earnings Calendar:
Revlon beats Q3 Earning, on the top and bottom line.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were all lower on Friday . Japan (Nikkei 225) fell 1.05%, Shanghai down 1.35%, Hong Kong (Hang Seng) down 2.39%.
Major European markets were also lower today's session. German (DAX) up 0.02%, France CAC 40 down 0.48%, London FTSE 100 down 0.49%.
Market Direction And & Sector Dynamics
Stocks opened the trading session moderately lower, with the Dow down 42 points, Nasdaq dropped 62 points, and the S&P fell 13 points. Investor convinced that the Fed is on a determined path to hiking interest rates, in December, and maybe three or four times in 2019. In addition, reports of weaker than expected economic data out of China, could lead to slowing global growth, and by default hit the US.
Stocks was lower for the entire trading session, with the Dow down 300 points, at the low of the day.
Eight of the eleven S&P sectors closed the session with losses, led by technology, consumer discretionary, communication services, basic materials, industrials, financials, energy and healthcare.
Factors Influencing Today's Market
The selloff in crude oil continued today. WTI crude oil closed at $60.19/barrel, down 0.79%.
This week's Baker Hughes Oil Rig count rose 12 to a total 886 rigs.
Both Asian and European markets were mostly lower on Friday.
The Producer Price Index (PPI) for October rose an unexpected 0.60% vs 0.20% estimated.The strongest gain 6 years.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets were all lower. The Dow lost 201.92 points, Nasdaq fell 123.98 points, and the S&P lost 25.82 points. Total NYSE volume traded, a moderate 3.98 billion shares. Declining shares outpaced Advancing shares 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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