Thursday's Market Recap - Mixed Session As Investors Weigh Trade, Brexit, And Global Growth Weak
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately lower in this morning's market setup. Dow futures are down 69 points, Nasdaq futures down fractionally, 0.50 point, and the S&P futures down 4.25 points. Prime Minister Theresa May meets with the EU today to in an attempt to improve her Brexit Plan. Unfortunately, it does not appear that there can be any further negotiations.
On The Bond Desk:
The US 10 Year Bond Yield at 2.91%, up 0.03%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $50.65/barrel, down 0.95%.
On the Earnings Calendar:
Adobe reported Q4 Earning after the bell yesterday after the closing bell. The company missed earnings expectation, but revenue beat estimates.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) up 0.99%, Shanghai rose 1.30%, Hong Kong (Hang Seng) up 1.29%
Major European markets were slightly lower. German (DAX) down 0.04%, France CAC 40 down 0.26%, London FTSE 100 down 0.04%
Market And Sector Dynamics
Stocks opened today's session moderately higher. The Dow rose 80 points, Nasdaq gained 37 points, and the S&P jumped 9 points. Investors are responding to some positive news coming out of Europe, that the ECB has concluded it Bond Buying (QE) program.
We also learned this morning that Apple will be building another office campus in Austin, Texas. Also helping markets early the release of this week's initial jobless claims data, showing claims fell by a surprisingly strong 27,000, to 206,000.
Shares of General Electric enjoying some welcomed love from investors, as JPMorgan's analyst, Steven Tusa, says he is now less bearish on the company, upgrading it to a hold, from sell. GE stock climbed back over the $7.00 mark.
At the high the Dow was around 215 points, but the rally fade within forty minutes after the open, with the Dow holding right around the flatline, during the rest of the session, before ticking modestly higher just before the close.
Factors Influencing Today's Market
This week's Initial Jobless Claims fell a surprising 27,000 to 206,000. The best showing since the lows during September.
Crude oil traded decidedly higher in trading today. WTI crude oil closed at $52.84/barrel, up 3.30%.
After surviving a no confidence vote in the British House of Parliament yesterday, Prime Minister May meets with the EU leadership today, looking to make the deal more palatable back home.
Major Asian markets closed the session with solid gains overnight.
Market Close Volume Traded And Advance Decline Rati
At the close of trading the Dow gained 70.11 points, Nasdaq fell 27.98 points, and the S&P slipped 0.53 point (a fraction). Total NYSE volume trade, a moderate 3.85 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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