Tuesday's Market Recap - Dow Shakes Off Early Tariff Concerns To Close Higher.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately in the red this morning. Dow futures down 70 points, Nasdaq futures down 34 points, and S&P futures down 10 points, largely on comments from the President that the US could impose additional tariffs on Chinese goods, even as he is scheduled to meet with Chinese President at the G20 Summit, this weekend.
On The Bond Desk:
The US 10 Year Bond Yield at3.07%, up 0.02%
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures $51.54/barrel, down 0.17%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) rose 0.64%, Shanghai slipped 0.04%, Hong Kong (Hang Seng) down 0.17%
Major European markets were all lower today. German (DAX) 0.40%, France CAC 40 down 0.24%, London FTSE 100 0.27%
Market And Sector Dynamics
Stocks opened in well into negative territory, with the Dow shedding 196 points, Nasdaq down 50 points, and the S&P down 15 points, ten minutes into the trading session. Investors are responding to comments from the President, that he is willing to add another 10% tariff on imported Chinese good, which could also include Apple products. Share of Apple are under severe pressure, down nearly 2% in early trading. Crude oil is up modestly. WTI crude price at $51.74/barrel, up 0.23%.
Market also learned today that United Technologies, will be splitting in three separate companies. Share of the company are down on this news, getting no love from investors.
Stocks bounced off the morning low midway through the morning session, and gradually climbed higher during the afternoon session. At the low of the day the Dow was down 224 points.
The rally was fairly broad based, but measured, led by Healthcare, Consumer staples, Utilities, Communication Services, Real Estate, and Consumer Discretionary.
Factors Influencing Today's Market
The President threatened to add another 10% tariffs on imported Chinese goods, and could include Apple products.
President Trump is scheduled to attend the G 20 Summit in Argentina, later this week.
Crude oil fell modestly in today's trading. WTI crude oil closed at $51.56/barrel, down 0.14%.
United Technologies will be splitting into three separate companies.
November Consumer Confidence Index came in at 135.7, holding within the range of consensus forecast.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session markets were all higher. The Dow gained 108.49 points, Nasdaq rose 0.85 point, and the S&P was up 8.72 points. Total NYSE volume traded, a light 3.43 billion shares. Decliners outpaced Advancers nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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