Tuesday's Market Recap: Dow Up 51 Points In Mixed Session, On Better Than Expected Earnings.
What is The Premarket Telling Us?
7:30 AM.
Mildly higher is the apt description for this morning's market setup. Dow futures up 41 point, Nasdaq futures up 5 points, and S&P futures. This ahead of a barrage of earning report from large US technology companies, due out this week. A China trade delegation, will begin talks with their US counterparts, in Washington tomorrow. Investors are hoping that these talks will incrementally, nudge us in the direction of a solution. Also lurking in the background, the Fed/FOMC begins its meeting today, and is expected to leave interest rates unchanged, when they announce their decision tomorrow afternoon.
On The Bond Desk:
The US 10 Year Bond Yield at 2.74%, down 0.01% or one basis points.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $52.48/barrel, up 0.94%.
On the Earnings Calendar:
3M, and Pfizer reported better than expected quarterly earnings. Shares of both companies are trading higher in the premarket.
Apple, Ebay reports after the close of trading this evening.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mildly lower on weak China. data Japan (Nikkei 225) fell 0.08%, Shanghai down 0.10%, Hong Kong (Hang Seng) lost 0.16%.
Major European markets closed higher. German (DAX) gained 0.08%, France CAC 40 rose 0.81%, London FTSE 100 up 1.29%.
Market And Sector Dynamics
Markets were mostly flat at the open. The Dow was up 5 points, Nasdaq up 4 points, and the S&P added 1 point. Crude oil caught a bid early, with WTI crude up more than 2%, at $53.06/barrel.
Except for a brief downturn midpoint in the morning session markets remained in positive territory for the entire session. At the high the Dow was 135 points.
Today's rally was mixed, with seven of the eleven S&P sector, closed the session with modest gains, led by Industrials, Basic Materials, Real Estate, Healthcare, Energy and Utilities. Communication Services, Technology, Consumer Discretionary, and Financials, were today's lagging sectors.
Factors Influencing Today's Market
Better than expected quarterly earnings results from 3M, and Pfizer. Both companies beat earnings and revenue targets.
Crude oil caught a nice bid in today's trading. WTI crude oil closed at $53.31/barrel, up 2.54%.
January Consumer Confidence Index took dived 9 points to 120 vs 126.6 revised, for November. Attributed mostly due to the government shutdown,
FOMC meeting began today with no rate interest rate hike expected tomorrow.
China delegation in Washington for trade talks with their US counterparts starting tomorrow.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the major indices were mixed. The Dow gained 51.47 points, Nasdaq lost 57.39 points, and the S&P fell 3.85 points. Total NYSE volume traded, a light 3.45 billion shares. Advancing shares outpaced Declining shares by 1.28:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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