Thursday's Market Recap - Weak December Retail Sales Shocks Investors.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are in the green at this hour. Dow futures up 94 points, Nasdaq futures up 26 points, S&P futures up 8 points. US China trade negotiations seems to be going well in Bejing, making investors cautiously happy.
Unfortunately, the positive market setup changed after the release of a dismal December Retail Sales number: 1.2% vs 0.1% expected. All the futures fell into negative territory.
On The Bond Desk:
The US 10 Year Bond Yield at 2.71%, up 0.03%
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $54.40/barrel, up 0.93%.
On the Earnings Calendar:
Coca Cola reported disappointing fourth quarter results.
Chip maker Nvidia reports after the closing bell this evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets almost flat today. Japan (Nikkei 225) down 0.02%, Shanghai down 0.05%, Hong Kong (Hang Seng) fell 0.23%.
Major European markets were modestly lower. German (DAX) down 0.69%, France CAC 40 fell 0.23%, London FTSE 100 down 0.09%.
Market And Sector Dynamics
Stocks opened the trading day decidedly lower, with the Dow sinking 170 points, Nasdaq fell 32 points, and the S&P down 16 points.
Crude oil also declined, with WTI crude at $53.54/barrel, down 0.67%.
All eleven S&P sectors traded lower, early in the session. Consumer staples and Consumer discretionary are the main drag on the market.
Market sank even lower in the morning session. The Dow was down 235 points, at the low, before recovering just before noon, and climbed back near the flat line. Stocks remained near neutral for most of the afternoon session, before turning lower, shortly before the close.
Today's session was mixed. Six of the eleven S&P sectors traded with modest losses, led by Consumer Staples, Financials,
Industrials, Basic Materials, Consumer Discretionary, and Utilities.
Factors Influencing Today's Market
The surprisingly weak December Retail Sales number was a major disappointment for investors today.
Disappointing fourth quarter earnings report from Coca Cola.
Asian and European markets were mostly lower in their session.
This week's Initial Jobless Claims rose 4,000 to 234,000.
Crude oil traded higher today. WTI crude oil closed at $54.41/barrel, up 0.95%.
Market Close Volume Traded And Advance Decline Ratio
When the closing bell rang, markets were all lower. The Dow fell 103.88 points, Nasdaq slipped 6.58 points, and the S&P fell 7.30 points. Total NYSE volume traded, a light 3.75 billion shares. Advancing shares outpaced Declining shares by 1.16:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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