Friday's Market Recap - Stocks Closed Modestly Lower To Clip 5 Straight Days Of Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are signalling red, at this hour, suggesting a lower open. Dow futures down 35 points, Nasdaq down 21 points, and S&P futures down 5 points. The US government shutdown continues. Asian markets were mildly higher in overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.73%, unchanged.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $52.85/barrel, up 0.49%.
On the Earnings Calendar:
General Motors announced improved sales forecast for year 2018 and 2019, sending shares of the automaker higher.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed with modest gains . Japan (Nikkei 225) up 0.97%, Shanghai up 0.74%, Hong Kong (Hang Seng) up 0.55%.
Major European markets traded lower today. German (DAX) down 0.31%, France CAC 40 up down .051%, London FTSE 100 down 0.36%.
Market And Sector Dynamics
Stocks opened for trading decidedly lower, with the Dow losing 113.21 points, S&P down 40.10 points, and S&P down 13.13 points. Markets sank even lower after the open, with the Dow falling 203 points. Investors are exercising caution ahead of the start of earning season, with major banks reporting on Monday morning. So far, the market has been successful in convincing the Fed to back down. Trade negotiations between US and China have improved, slightly, and that has improved market sentiment.
Stocks retreated from the morning lows in a choppy trading session, clawing back nearly all the losses into the close.
Seven of the eleven S&P sectors close the session with modest losses, led by Energy, Utilities, Basic Materials, Technology, Communications Services, and Industrials. Healthcare, Consumer Staples, and Real Estate, ended with gains.
Factors Influencing Today's Market
Crude oil traded modestly lower in today's trading. WTI Crude oil closed at $51.70/barrel, down 1.69%.
This week's Baker Hughes Rig Count down 4 to 873 total.
Strong sales 2018 and 2019 forecast from General Motors sent share of the company higher.
December CPI fell - 0.1% versus unchanged in November.
Asian markets closed with some gains, while Europe lost ground.
Market Close Volume Traded And Advance Decline Ratio
Markets closed the day's session mostly flat. The Dow lost 5.97 points, Nasdaq fell 14.59 points, and the S&P lost a fraction, (a fraction). Total NYSE volume traded, 3.40 billion shares. Advancing shares outpaced Declining shares by 1.31:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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