Tuesday's Market Recap - A Massive Selloff In Crude Oil Tempered Today's Rally.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly positive at this hour. Dow futures are up 90 points, Nasdaq futures up 38 points, apoints,nd S&P futures at 11 points. Major Asian markets were lower overnight, while European stocks are lower, so far, in their session. Slowing global has become a huge concern for markets.
On The Bond Desk:
The US 10 Year Bond Yield at 2.86%, down 0.03%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $48.42/barrel, down 2.93%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were down overnight. Japan (Nikkei 225) down 1.82%, Shanghai down 1.05%, Hong Kong (Hang Seng) fell 0.96%
Major European markets ended with gains. German (DAX) down 0.29%, France CAC 40 down 0.95%, London FTSE 100 up 0.96%
Market And Sector Dynamics
Stocks opened the trading session strong to the upside. The Dow jumped 193 points, Nasdaq up 50 points, and S&P up 20 points. Stocks are starting in positive territory for the first time in three days. By 10:00 AM, the Dow was up 324 points. Shares of Boeing are a major contributor to these gains, after the company announced a huge boost to it quarterly dividends. Also helping market this morning, is a solid $5 billion dollar share Buyback, announced by Johnson & Johnson, after the closing bell yesterday.
Markets pulled back from the morning highs just before noon, but regained it momentum early in the afternoon session, but began to slide lower after 2:00 PM, falling into negative territory, half an hour before the close. Stock managed to bounce off that low, to end slightly positive.
Six of the eleven S&P sectors closed the session with gains, led by Energy, Consumer Staples, Healthcare, Utilities, and Financials.
Factors Influencing Today's Market
Crude oil fell drastically in today's trading on oversupply fears. WTI crude oil closed at $46.24/barrel, down 7.30%.
Boeing announced a 20% increase in its dividends, and increased it share buyback program to $20 Billion.
Asian markets closed the session with gains. While Europe closed lower.
The Fed/FOMC begins it December meeting today. Investor are expecting a 25 basis point rate hike tomorrow, but there is uncertainty as to how the markets will react.
November Housing Starts, and Permits, came in better than expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were moderately higher. The Dow gained 82.66 points, Nasdaq rose 30.18 points, and the S&P slipped a fraction, 0.22 point. Total NYSE volume traded, a moderate 4.43 billion shares. Declining shares outpaced Advancing shares by 1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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