Thursday's Market Recap - Stocks Down On Disappointing Corporate Earnings And Weakening Existing
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mostly unchanged from yesterday's close. Dow futures are up 20 points, Nasdaq up 10 points, and S&P up 1 point.
On The Bond Desk:
The US 10 Year Bond Yield at 2.65%, unchanged.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $57.35/barrel, up 0.33%.
On the Earnings Calendar:
Hewlett Packard Enterprises beat earnings expectation, but revenues misses expectation.
Kraft Heinz badly missed analyst earning and revenue expectation.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) gained 0.15%, Shanghai down .034%, Hong Kong (Hang Seng) up 0.41%
Major European markets also mixed. German (DAX) up 0.19%, France CAC 40 unchanged %, London FTSE 100 down 0.85%.
Market And Sector Dynamics
Markets opened the trading session with modest losses, with the Dow down 31 points, Nasdaq down 5 points, and the S&P down 4 point.
Stocks traded lower for the entire trading session, holding steady during the morning and most of the afternoon session, but sank lower after 3:00 PM, before reclaiming some of those losses just before the close.
Market tone was mostly negative, with seven of the eleven S&P sectors ending the day with modest positive, led by Energy, Healthcare, Communication Services, Financials, Industrials, Basic Materials, and Consumer Discretionary. Utilities, Consumer Staples, and Real Estate ended with modest gains.
Factors Influencing Today's Market
A strong rebound in this week's Initial Jobless Claim, down 23,000 to to 216,000 due to laid off federal workers back on the job.
Crude oil ended the day modestly up. WTI crud oil price closed at $56.96/barrel, up 0.07%.
This week's EIA Status report showed crude oil inventories rose/build 3.7 million barrels, to 454.50 million barrels.
January Existing Home Sales fell 1.2% to 4.94 million annualized rate.
Disappointing earnings outlook from a few US corporations.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the Dow lost 103.81 points, Nasdaq lost 29.36 points, and the S&P fell 9.82 points. Total NYSE volume traded, a light 3.53 billion shares. Declining shares outpaced Advancing shares by 1.57:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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