Monday's Market Recap - Disappointing Earning From Caterpillar, And Earnings Warning From Nvidia
What is The Premarket Telling Us?
8:00 AM.
US stock futures are a sea of red this morning. Dow futures are down 172 points, Nasdaq futures down 39 points, and S&P futures down 14 points. Caterpillar's quarterly results are weighing on the markets this morning as the company missed it earnings targets, blaming weakness in China, and across the globe.
On The Bond Desk:
The US 10 Year Bond Yield at 2.75%, up 0.04%, or four basis points
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $52.80/barrel, down 1.66%.
On the Earnings Calendar:
Industrial giant, Caterpillar, missed quarterly earnings targets, due to weakness in China.
Chip maker, Nvidia, released an earnings warning, indicating weaker than expected Q4 results. Shares of the company lower.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mixed to lower tody. Japan (Nikkei 225) down 0.60%, Shanghai fell 0.18%, Hong Kong (Hang Seng) up 0.03%.
Major European markets fell fell today. German (DAX) down 0.63%, France CAC 40 down 0.76%, London FTSE 100 down 0.91%
Market And Sector Dynamics
Stocks opened today's session decidedly lower. The Dow dived 279.27 points, Nasdaq sank 91.28 points, and the S&P fell 25.55 points. Disappointing earnings results from Caterpillar, and an earnings warning from Chipmaker, Nvidia,weighed negatively on the markets, with Caterpillar, responsible for shaving 60 Dow points, in the early going.
Markets remained solidly in negative territory during the morning session, with the Dow down 413 points, the low of the day. Stock clawed back about 50% of the morning losses during the afternoon session, and into the close.
Nine of the eleven S&P sectors closed the day with losses during the session. Information Technology, Communications Services, Healthcare, Energy, Industrials, Consumer Discretionary, and Utilities, were the laggards in the session. Real Estate, and Consumer Staples were close with gains.
Factors Influencing Today's Market
A disappointing earning quarterly report from Caterpillar, and a earnings warning from chipmaker, Nvidia.
Potential for another government shutdown, if legislators cannot come up with a border protection deal by April 15th.
Investors trying to assess 2019 corporate earnings levels.
The FED/FOMC meeting begins tomorrow. No interest rate hike is anticipated.
Asian and European markets were mostly lower today.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow fell 208.98 points, Nasdaq was down 79.18 points, and the S&P fell 20.91 points. Total NYSE volume traded, a moderate 3.57 billion shares. Declining shares outpaced Advancing shares slighter better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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