Friday's Market Recap - Weak China Import Export Data Knocked Stock Lower Today.
What is The Premarket Telling Us?
8:00 AM.
US stock futures are triple digit lower at this hour, indicating that the market tone will continue to be negative in today's session. Weak import and export data out of China will drive global market today.
Feburary's Employment reported a surprisingly low 20,000 jobs were created, compared to the 180,000 expected,
On The Bond Desk:
The US 10 Year Bond Yield 2.63% down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $56.43/barrel.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets tumbled while we slept. Japan (Nikkei 225) sank 2.01%, Shanghai dived 4.40%, Hong Kong (Hang Seng) lost 1.91%.
Major European markets were modestly lower. German (DAX) down 0.52%, France CAC 40 fell 0.70%, London FTSE 100 down 0.74%.
Market And Sector Dynamics
Stocks opened the trading day solidly lower, with the Dow down 210 points, Nasdaq fell 86 points, and the S&P lost 23 points. Thanks to China economic data which showed their exports fell 20.7% vs 4.8% expected. China imports also fell 5.2% vs 1.4% expected. This weakening China economic data, is a major concern for global markets, including our own. Major Asian markets were down big as a result.
Crude oil is up in the early session, with WTI at $54.99/barrel, up 2.90%.
Stocks traded well below the flat line during the morning session, with the Dow down 230 points at the low, before staging a nice recovery, in the early afternoon session, and gradually regained its upward momentum, nearly recovering all the losses at the close.
Six of the eleven S&P sectors ended today's session with losses, led by Energy, Consumer Discretionary, Healthcare, and Industrials.
Utilities, Materials, Consumer Staples, and Real Estate, were lower.
Factors Influencing Today's Market
China's Export and Import data fell significantly for the month of February.
February's Employment report surprisingly added a mere 20,000 vs 180,000 expected.
Crude oil traded modestly lower in today's session. WTI crude oil closed at $56.07/barrel, down 1.07%.
This week's Baker Hughes US Oil Rig count fell 9 to 834 total.
Asian and European markets traded with losses
Market Close Volume Traded And Advance Decline Ratio
Stocks lost ground modestly today. The Dow fell 22.99 points, Nasdaq lost 13.32 points, and S&P give up 5.86 points. Total NYSE volume traded, a light 3.38 billion shares. Declining shares outpaced Advancing shares 1.22:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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