Tuesday's Market Recap - Stocks Mixed As Boeing Shares Decline And Brexit Uncertainty Worry Inve
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed in the early going. Dow futures are down 155 points, under pressure due to the continued fallout the crash of the Boeing 737 MAX 8 plane in Ethiopia. Nasdaq futures up 28 points, and S&P up 5.50 points. Asian markets were higher overnight.
February CPI came in as expected up 0.2%.
On The Bond Desk:
The US 10 Year Bond Yield at 2.62%, down 0.02%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $56.49/barrel, up 0.75%.
On the Earnings Calendar:
Stitch Fix reported after bell yesterday evening. The company handily beat earnings and revenue estimates. Shares of the company are higher.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets recorded gains overnight. Japan (Nikkei 225) 1.79%, Shanghai up 1.10%, Hong Kong (Hang Seng) up 1.46%.
Major European markets were mixed. German (DAX) lost 0.17%, France CAC 40 up 0.08%, London FTSE 100 gained 0.29%.
Market And Sector Dynamics
Stocks opened Tuesday's trading day mixed. The Dow fell 50 points, Nasdaq rose 14 points, and the S&P added 4 points. For a second day shares of Boeing is pressuring the Dow, as the fallout from the Ethiopian Airlines crash continues for a second day, as Australia, Singapore, and other nations, have started to ground their fleet of Boeing 737 MAX 8 aircrafts, over concern for public safety.
In Britain, the uncertainty around Brexit continues. Today, the British Parliament will vote on a new somewhat modified deal secured by Prime Minister, May overnight from the European Union. With a hard Brexit deadline coming up on March 29th, Britain's crashing out of the European Union, is a distinct possibility.
The Dow remained in negative territory for the entire trading session, under pressure from shares of Boeing, while the Nasdaq and the S&P held on to modest gains.
Nine of eleven S&P shares ended the session with gains. Healthcare, Utilities, Energy, Communication Services, Technology, Real Estate, and Basic Materials, were the outperformers. Industrials bore the brunt of today's losses.
Factors Influencing Today's Market
Shares of Boeing continues to be under pressure, as fallout from the crash of the Ethiopian 737 MAX 8. Australia, Singapore, Europe and other have grounded these planes.
Uncertainty in Britain around Brexit. Will Britain crash out of the EU, or strike a deal, as the March 29 exit date approaches.
February CPI came in a tame 0.2% as estimated, due mostly to a softness in housing.
Crude oil traded modestly up in trading. WTI crude oil closed at $56.87/barrel, up 0.14%.
Asian markets were decidedly higher in their sessions.
Market Close Volume Traded And Advance Decline Ratio
When the closing sounded, markets were mixed. The Dow lost 96.22 points, Nasdaq gained 32.97 points, and the S&P rose 8.22 points. Total NYSE volume traded, a light 3.36 billion shares. Advancing shares outpaced Declining shares 1.43:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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