Friday's Market Recap - US China Trade Talks, And Threat Of Weak Global Growth Worry Investors.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are indicating, a weak opening of the markets this morning. Dow futures are down 96 points, Nasdaq futures down 38 points, and S&P futures down 10.75 points. Investor concern around US China trade problems, and fear of global economic slowdown continues to hang over the markets.
On The Bond Desk:
The US 10 Year Bond Yield at 2.65%, down 0.05% or five basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $52.37/barrel, down 0.51%.
On the Earnings Calendar:
Arconic (The old Alcoa) reported Q4 results. The company beat analyst earnings and revenue expectations.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 2.01 %, Shanghai %, Hong Kong (Hang Seng) % - Closed for the Lunar New Year.
Major European markets traded lower in the session. German (DAX) fell 1.05%, France CAC 40 down 0.48%, London FTSE 100 fell 0.32%.
Market And Sector Dynamics
Stocks opened the trading session with deep losses, with the Dow down 125 points, Nasdaq down 54 points, and the S&P down 13 points. With all these losses, all the three indices are lower for the week, and market breath at 4:1 declining versus advancing shares. Crude oil traded higher early, up 0.47%, at $52.89/barrel.
Markets traded lower for most of the morning session, with the Dow down 286 points, the low of the day. Markets staged a gradually rally from the earlier lows, during the afternoon session, almost recovering all the prior losses, into the close.
A trading day that started with 4:1 negative breath, closed the session mostly mixed. Seven of the eleven S&P sectors closed with gains, led by Consumer Staples, Technology, Utilities, Communication Services and Healthcare. Energy, Financials, and Consumer Discretionary traded lower.
Factors Influencing Today's Market
US China trade worries continue to dog the markets as US trade delegation heads to China for further negotiations.
Global economic weakness also continues to be a major issue worrying investors.
Crude oil was mostly unchanged in today's trading. WTI crude oil closed at $52.72/barrel, up 0.15%.
This week's Baker Hughes US Oil Rig count rose 7 rigs to 854 total.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets were mixed after rebounding from the deep losses incurred during the morning session. The Dow lost 63.20 points, Nasdaq gained 9.85 points, and the S&P added 1.83 points. Total NYSE volume traded, a light 3.60 billion shares. Declining shares outpaced Advancing shares 1.08:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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