Thursday's Market Recap - Stocks Closed Lower Despite Better Than Expected 4Qtr. GDP.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly lower. Dow futures are down 51 points, Nasdaq futures down 28 points, and S&P futures down 7.25 points. Major Asian markets closed with modest losses, largely due to weak China Factory order data. President Trump and Kim's summit in Hanoi, seems to have fizzled with no agreement.
Fourth Quarter GDP came in at 2.6%, better than the 2.2% expected, but lower than the 3% some were predicting, after the massive tax cuts last year.
On The Bond Desk:
The US 10 Year Bond Yield 2.69%, up 0.05% or five basis points.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $56.57/barrel, down 0.47%.
On the Earnings Calendar:
Box delivered weaker than expected earnings quarter.
Square reported better than expected earnings results after the bell last evening, but guidance disappointed investors. Share fell in the aftermarket and this morning's premarket.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed lower. Japan (Nikkei 225) fell 0.79%, Shanghai down 0.44%, Hong Kong (Hang Seng) down 0.43%
Major European markets were mixed today. German (DAX) gained 0.25%, France CAC rose 0.29%, London FTSE 100 lost 0.46%
Market And Sector Dynamics
Stock opened slightly lower today, with the Dow down 1 point, Nasdaq down 22 points, and the S&P fell 4 points. WTI crude oil rose slightly higher, early in the session, at $57.03/barrel, up 0.16%.
Except for a few stints in positive territory, early in the session, markets remained in negative territory for the entire trading session.
A better than expected fourth quarter GDP report prevented markets from sinking lower today, as weaker than expected China factory orders, disappointing corporate earning from technology companies Box, and Square weighed on stocks.
Eight of the eleven S&P sectors closed the session with moderate losses. Basic Materials, Energy, Consumer Discretionary, Industrials, Technology, Healthcare, and Financials. Utilities, Consumer Staples, and Real Estate closed with modest gains.
Factors Influencing Today's Market
Fourth quarter GDP rose 2.6%, and better than the 2.2% that was estimated.
Disappointing quarterly earning performance from Box, and Square.
President Trump's meeting with Kim Jung Un, in Hanoi, ended without an agreement.
Crude oil traded modestly higher today. WTI crude oil closed at $57.22/barrel, up 0.49%.
This week's Initial Jobless Claims rose 8,000 to 225,000 level.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, all the major indices were lower. The Dow fell 69.16 points, Nasdaq fell 21.98 points, and the S&P was down 7.89 points. Total NYSE volume traded, a moderate 4.33 billion shares. Declining shares outpaced Advancing shares by 1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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