Friday's Market Recap - Another Down Session Thanks To Declining Crude Oil Prices.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are all in the red at this hour. Dow futures down 124 points, Nasdaq futures down 26 points, and S&P futures down 11 points. It's Black Friday, the day after Thanksgiving, and the markets close at 1:00 PM today. The continued decline in crude oil prices, and weakness in China, overnight, is weighing negatively on markets.
On The Bond Desk:
The US 10 Year Bond Yield at 3.06% , unchanged from yesterday %.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $52.26/ barrel, down 4.34%.
On the Earnings Calendar:
None
In M&A News:
United Technologies deal to buy Rockwell Collins, signed in September 2017, has been approved by the Chinese Authorities.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.65%, Shanghai sank 2.49%, Hong Kong (Hang Seng) lower 0.35%
Major European markets were also mixed. German (DAX) gained 0.49%, France CAC 40 up 0.18%, London FTSE 100 slipped 0.11%
Market And Sector Dynamics
Stocks opened the trading session lower, with the Dow diving 180 points, Nasdaq down 40 points, and S&P down 16 points. Crude oil is also sliding early, at $51.28/barrel, down 6.24%.
Energy and Financials are leading the way to the downside in early trading.
Stocks remained well into negative territory for the entire shortened session. At the high, the Dow was down around 60 points, two hours after the start of trading, finally closing at the low of the day.
The selloff was fairly broad based and orderly. Eight of the eleven S&P sectors closed with losses, led by Energy, Communication Services, Basic Materials, Financials, Technology, Consumer Discretionary, and Real Estate.
Factors Influencing Today's Market
A negative shortened Black Friday trading session.
Crude oil prices decline due to global over supply. WTI crude oil closed at $50.42/barrel, down 6.66%.
United Technology plan to buy Rockwell Collins, was finally approved by the Chinese regulators.
Asian and European markets closed mixed, in their respective sessions.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended lower on the this half day of trading. The Dow sank 178.74 points, Nasdaq fell 33.72 points, and the S&P lost 17.37 points. Total NYSE volume traded, a light 1.65 billion shares. Declining shares outpaced Advancing shares better than 1.24:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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