Friday's Market Recap - Stocks Depending On A Trade Truce Between US And China.
What is The Premarket Telling Us?
8:00 AM.
Markets are indicating lower this morning, ahead of the start of the G20 Summit, which begins today, in Argentina. Dow futures are down 134 points, Nasdaq futures down 32 points, and the S&P down 13 points. Investors are laser focused on the President Trump's meeting with Chinese President Xi, and hoping for an end to the current China US trade hostilities.
On The Bond Desk:
The US 10 Year Bond Yield sits at 3.04%, unchanged.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures $50.69/barrel, down 1.48%.
On the Earnings Calendar:
HP Inc. Q4 Earnings was a beat. The company matched earnings estimates, while revenues beat expectations.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with gains today. Japan (Nikkei 225) rose 0.40%, Shanghai gained 0.81%, Hong Kong (Hang Seng) up 0.21%
Major European markets were modestly lower. German (DAX) 0.36%, France CAC 40 slipped 0.05%, London FTSE 100 down 0.83%.
Market And Sector Dynamics
Markets opened the trading day mixed to lower, as investor exercise caution ahead of the President meeting with China's President Xi tomorrow. The Dow fell 50 points, Nasdaq gained 4 points, and the S&P was off by 1 point.
Crude oil prices are on the move lower, early, with WTI crude oil currently at $50.22/barrel, down 2.35%. Markets hugged the flat line for most of the morning session, but as the session progressed, investors seems to become increasingly convinced that the meeting between President Trump and China's President Xi, on Saturday night in Argentina, will be positive, and could ease trade tensions, giving markets a bit more time to breathe.
Today's session was positive, and the rally was broad based, with ten of the eleven S&P sectors closing with solid gains, led by Utilities, Healthcare, Technology, Industrials, Real Estate, Consumer Staples, Consumer Discretionary, Consumer Services, and Materials. Energy was down modestly.
Factors Influencing Today's Market
President Trump leaves to attends the G20 Summit in Argentina, beginning tomorrow.
Markets remained optimistic, but cautious ahead of President Trumps meeting with President Xi of China, on trade war between the two countries.
Crude oil prices closed moderately lower, with WTI closing at $50.93/barrel, down 1.01%.
Asian markets closed with moderate gains overnight.
This week's Baker Hughes Oil Rig count rose 2 rigs to 887 total.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, the Dow gained 199.62 points, Nasdaq rose 57.45 points, and the S&P jumped 22.41. Total NYSE volume traded, a solid 4.48 billion shares. Advancing shares outpaced Declining shares 1.18:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments