Thursday's Market Recap - Mixed Session Due To Disappointing Earnings And Fed Decision.
What is The Premarket Telling Us?
7:00 PM.
US stocks futures looked moderately lower early in the session, with Dow futures down 79 points, Nasdaq futures down 45 points, and S&P futures down 13 points. The earlier losses moderated as the opening bell approach.
On The Bond Desk:
The US 10 Year Bond Yield at 3.21%, unchanged.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $61.75/barrel, up 0.13%.
On the Earnings Calendar:
D.R. Horton reported weaker than expected financial results. The company missed analysts earnings and revenue expectation.
Square Q3 Earnings performance beat expectations on both the top and bottom line, but the company's guidance was lower than expected.
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In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly higher . Japan (Nikkei 225) rose 1.82%, Shanghai fell 0.22%, Hong Kong (Hang Seng) gained 0.31%.
Major European markets were mixed today's session. German (DAX) down 0.45%, France CAC 40 down 0.13%, London FTSE 100 rose 0.33%.
Market Direction And & Sector Dynamics
Markets opened today's trading session modestly lower, with the Dow down 30 points, Nasdaq down 43 points, and S&P down 7 points. Investors seem to be exercising caution ahead of the Fed/FOMC decision due out this afternoon.
Crude oil continues to decline early in the session, with WTI crude oil at $61.13/barrel, down 0.89%.
Stocks turned positive later in the morning session, with the Dow reaching the high of the day, up near 100 points, at around noon.
Stocks lost momentum in the later in the afternoon session as the Fed/FOMC announced their decision to hold interest rate at existing levels, which is exactly what the markets expected, but stocks sold off, managing to hold on to some of the earlier gains.
Today's trading session was mixed, with six of the eleven S&P session closing lower, led by energy, communication services, basic materials, utilities, industrials, and technology. Financials and real estate close higher.
Factors Influencing Today's Market
Fed/FOMC keeps interest rates unchanged, leading to a sell off in the markets.
This weeks Initial Jobless Claims fell 1000 to 213,000 total claims.
Crude oil fell in today's trading. WTI crude oil close at $60.67/barrel, down 1.62%.
Disappointing Q3 Earning performance from home builder, D.R. Horton.
Strong Q3 Earning results from Square. The company beats earnings and revenue expectation, but guided lower for the fourth quarter.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the Dow added 10.92 points, Nasdaq gave up 39.87 points, and the S&P fell 7.06 points. Total NYSE volume traded, a moderate 3.54 billion shares. Declining shares outpaced Advancing shares 1.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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