Friday's Market Recap - Despite A Weak Morning Session Stocks Staged A Decent Afternoon Rally.
What is The Premarket Telling Us?
8:00 AM.
US stock futures are mostly lower this morning, with the Dow down 143 points, Nasdaq futures down 83 points, and S&P futures down 19 points. Asian markets were mixed overnight, while in Europe the resignations from the British government, because of Brexit negotiations takes center stage. US investors continue to be nervous about a number of other issues such as, global economic slowdown, the pace of Fed interest rate hikes, and perhaps most importantly, deteriorating trade relation between the US and China.
On The Bond Desk:
The US 10 Year Bond Yield holds 3.12%, unchanged %.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.28
Crude Oil:
WTI crude oil futures is regaining some traction at $57.44/barrel, up 1.74%.
On the Earnings Calendar:
Nordstrom reported disappointing quarterly results. Shares of the company are down in the premarket.
Walmart reported a strong quarterly performance, but share of the company are also weak in premarket trading.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed in Friday trading . Japan (Nikkei 225) was down 0.57%, Shanghai gained 0.41%, Hong Kong (Hang Seng) rose 0.31%.
Major European markets were mildly lower today's session. German (DAX) down 0.11%, France CAC 40 down 0.17%, London FTSE 100 fell 0.34%.
Market Direction And & Sector Dynamics
Stock opened the trading session with modest losses. The Dow fell 47 points, Nasdaq gave up 70 points , and the S&P gave up 12 points. Weaker than expected 3rd quarter earnings from chipmaker, Nvidia, is taking the shares of all other chip manufacturing companies lower. Five minutes after the open, the Dow was down 117 points as the selloff intensified.
In addition the weak earnings from Nvidia, and Nordstrom, shares of Facebook are under pressure again today after a NYT Article criticizing the social media giant's handling of the Russian meddling during the 2016 Presidential Elections.
Markets climbed back into positive territory ninety minutes into the trading day, reaching the high of the day just before 1:00 PM, the Dow up 190 points. Stock gave up some of the day's earlier gains during the latter part of the afternoon session, but did manage to hold to a substantial portion, into the close.
Seven of the eleven S&P sectors managed to record gains in today's session, led by Real Estate, Utilities, Energy, Materials, Healthcare, Consumer Staples, and Financials. Consumer Discretionary, and Communication Services were the major laggards.
Factors Influencing Today's Market
Crude oil traded unchanged in today's session. WTI crude oil closed at $56.46/barrel.
This week's Baker Hughes Oil Rig count rose 2 rigs to 888 total.
Better than expected Q3 Earnings results from Walmart.
Sonus reported it first quarterly result since becoming a public company. The company beat analyst expectations.
Disappointing Q3 Earning performance from Nordstrom, and Nvidia sent chip and tech shares lower.
New York Time Article criticizing Facebook's handling of Russian meddling on the social media platform.
Resignations in the British government due to dissatisfaction Prime Minister May's Brexit deal.
Major Asian markets were mostly higher, while European markets were mildly lower.
Market Close Volume Traded And Advance Decline Ratio
Friday's trading ended mixed, with the Dow gaining 123.95 points, Nasdaq slipped 11.06 points, and the S&P added 6.07 points. Total NYSE volume traded, a modest 3.92 billion shares. Advancing shares outpaced Declining shares just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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