Thursday's Market Recap - With A Surprise Cut In It's Own Economic Growth Forecast The ECB

What is The Premarket Telling Us?

7:00 AM.

US stock futures are showing red again this morning. Dow futures down 76 points, Nasdaq futures down 15 points, and S&P futures down 5.50 points

Initial Jobless Claims fell 3000 to 223,000.

On The Bond Desk:

The US 10 Year Bond Yield at 2.69%, down three basis points

Currency Desk:

Euro dollar: 1.13

UK Pound: 1.31

Crude Oil:

WTI crude oil futures at $56.69/barrel, up 0.84%.

On the Earnings Calendar:

None

In M&A News:

None.

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What About The Asian And European Markets?

Major Asian markets traded mostly lower today. Japan (Nikkei 225) down 0.65%, Shanghai up 0.14%, Hong Kong (Hang Seng) down 0.89%.

Major European markets traded lower. German (DAX) down 0.60%, France CAC 40 fell 0.39%, London FTSE 100 lost 0.53%.

Market And Sector Dynamics

Stock opened the trading session moderately negative, with the Dow fell 56 points, Nasdaq down 22 points, and S&P down 7 points. Markets are responding to a surprise move by the European Central Bank (ECB), to cuts its growth rates, for 2019, due to weakness in the Europe, and interpreted, as a sign of emergency, by global markets.

Adding to these worries, US grocer, Kroger badly missed quarterly earnings and revenue, sending shares of the company tumbling lower.

Stocks traded in negative territory for the entire trading session, and the selloff was broad based, with ten of the eleven S&P sectors closing the day with losses, led by Consumer Discretionary, Financials, Technology, Basic Materials, Communication Services, Healthcare, Energy, and Consumer Staples.

Factors Influencing Today's Market

• A surprise move by the ECB to cut its growth forecast, due to economic weakness Europe.

• Kroger reported disappointing quarterly financial results, sending shares tumbling.

• This week, Initial Job Claims fell 3,000 to 223,000 claims.

• Crude oil was modestly higher in today's trading. WTI crude oil closed at $56.66/barrel, up 0.78%.

• Major Asian and European markets also traded lower in the session.

Market Close Volume Traded And Advance Decline Ratio

At the end of today's session the Dow sank 200.23 points, Nasdaq lost 84.46 points, and S&P fell 22.52 points. Total NYSE volume traded, a modest 3.58 billion shares. Declining shares outpaced Advancing shares by 2.29:1.

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Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.