Wednesday's Market Recap - Another Tough Day For The Bulls.
What is The Premarket Telling Us?
7:00 AM.
The market setup this morning is modestly negative. Dow futures down 17 points, Nasdaq futures down 24 points, and S&P futures down 3 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.14%, down 0.05%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $55.61/barrel, down .041%.
On the Earnings Calendar:
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower overnight . Japan (Nikkei 225) up 0.16%, Shanghai down 0.85%, Hong Kong (Hang Seng) down 0.54%.
Major European markets were down today's session. German (DAX) down 0.52%, France CAC 40 lost 0.65%, London FTSE 100 gave up 0.28%.
Market Direction And & Sector Dynamics
US stocks opened higher as crude oil prices attempt to stabilize after what can only be described as a collapse. WTI crude oil has declined for twelve straight days. The Dow jumped 200 points, Nasdaq rose 73 points, and the S&P gained 16 points.
In early trading, Crude oil is trying to stem its ugly decline, with WTI crude currently at $56.36/barrel, up 1.17%.
Shares of Apple, under pressure for slowing iPhone sales, is also weighing heavy on the Dow in today's session.
Stocks began losing steam by mid-morning, turning negative an hour before noon, and remained negative for the rest of the session.
Markets continues to juggle numerous concerns; such as Fed interest rate hikes, US China trade fears, slowing global growth. As is that were not enough, in a speech today, Representative Maxine Waters, who will Chair the House Banking Committee, in the new Democratic Congress, in January, suggested that the free reign, and loosened regulations bank enjoyed under the current administration, will come to an end. Her remarks, sent financials such as bank, insurance companies, lower in a knee jerk reaction.
The selloff was broad based, with eight of the eleven S&P sectors closing the session with losses, led by financials, technology, utilities, consumer discretionary, healthcare, and consumer staples.
Factors Influencing Today's Market
Crude oil clawed back a modest piece of its losses today. WTI crude oil closed at $56.25/barrel, up 1.01%.
Shares of bellwether Apple weighed negatively on the Dow today, as investors worry about slowing iPhone unit sales going forward.
Comments from Representative Maxine Waters, on tempering the flow of Bank deregulation.
Asian and European markets traded lower in their sessions.
British Prime Minister, Theresa May reached the framework of a deal for leaving the EU, resulting in resignations of some cabinet ministers.
Investors remains worried about the pace of Fed interest rate hikes.
Market Close Volume Traded And Advance Decline Ratio
When trading ended the major indices were lower. The Dow fell 205.99 points, Nasdaq down 64.48 points, and S&P gave up 20.60 points. Total NYSE volume traded, a solid 4.36 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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