Friday's Market Recap - Dow And S&P Back In Correction Territory On Signs Of Slowing Global
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately lower, early in the premarket session, based largely on weaker than expected Industrial Production data coming out of China overnight, adding more fuel to investors worry about slowing global growth. Dow futures are down 189 points, Nasdaq down 62.50 points, and the S&P down 21.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.91%, unchanged.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $52.24/barrel, down 0.65%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets fell overnight. Japan (Nikkei 225) lost 2.02%, Shanghai down 1.53%, Hong Kong (Hang Seng) down 1.62%.
Major European markets were moderately lower. German (DAX) down 0.54%, France CAC 40 0.88%, London FTSE 100 down 0.47%.
Market And Sector Dynamics
Stock opened the trading day deep into negative territory. The Dow sank 230 points, Nasdaq fell 83 points, and the S&P lost 24 points, pushing the Dow and the S&P back into correction territory, down more than 20% below their recent highs. WTI crude oil is price is also lower early, at $52.31/barrel, down 0.51%.
Markets continue to climb the wall of worry - as global growth slows, US China trade war continues, and an almost baked in Fed rate hike next week.
By 11:30 AM, the Dow was down 330 points and looking more negative as the session continued. Investor have become numb to tweets from the President suggesting that trade talks between US and China is going well, when the opposite seems to be the case.
Stocks continued to fall in the afternoon session, with the Dow down 550 points, the low of the day shortly before the close of the session.
Market sentiment was very negative but orderly. All eleven S&P sectors closed the session with losses, led by Healthcare, Technology, Energy, Consumer Discretionary, Consumer Staples, Industrials, Consumer Services, and Financials.
Factors Influencing Today's Market
Weaker than expected Industrial Production data coming out of China, suggesting that economy may be slowing.
The Fed/FOMC is almost certain to hike interest rates at their December meeting next week.
Asian and European markets fell in trading today.
Crude oil prices were solidly lower today. WTI crude oil closed at $51.20/barrel, down 2.62%.
This week's Baker Hughes Rig Count, down 4 to 873 total.
New report from Reuters that Johnson & Johnson had historically know about asbestos in Talc, as far back as the 70's & 80's.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading markets were solidly lower. The Dow lost a staggering 496.87 points, Nasdaq sank 159.67 points, and the S&P down 50.59 points. Total NYSE volume traded, a moderate 3.99 billion shares. Declining shares outpaced Advancing shares nearly 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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