Monday's Market Recap - Despite Continued Pressure From Shares Of Boeing, Stock Finished Higher
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly mixed this morning, ahead of the start of trading. Dow futures are down 70 points, Nasdaq futures up 5.75 points, and S&P up 1.25 points. Boeing remains an ongoing problems for investors, after the grounding of the 737 MAX aircrafts.
On The Bond Desk:
The US 10 Year Bond Yield at 2.59%, up 0.04% or four basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $58.39/barrel, down 0.22%.
On the Earnings Calendar:
None
In M&A News:
Ride-sharing company, Lyft has begun its IPO road show. The company is scheduled to go public next Friday.
Two German banks, Deutsche Bank and Commerzbank announced today, that they are in merger talks.
What About The Asian And European Markets?
Major Asian markets were decidedly higher overnight. Japan (Nikkei 225) gained 0.62%, Shanghai rose 2.47%, Hong Kong (Hang Seng) was up 1.37%
Major European markets closed mixed. German (DAX) fell 0.25%, France CAC 40 up 0.14%, London FTSE 100 rose 0.98%
Market And Sector Dynamics
Markets opened today's trading mostly mixed, with the Dow down 46 points, under pressure from shares of Boeing, which were down more than 11 points. The Nasdaq was up 7 points, and the S&P was up 2 points.
In today's session investors were faced with a new angle into the Boeing 747 MAX grounding. We learned today that the DOJ may be taking a look at whether the relationship between Boeing and the FAA, may have been too cozy, with respect to certification of the MAX line of aircraft.
On a more positive note for the markets, ride sharing company, Lyft has began its IPO road show. The company is expected to begin trading as a public company next week Friday. The company is hoping to offer 30 million shares at $62 - $68/share, to the public, and raise $2 Billion.
Stocks traded in an out of positive territory during the morning session due to weakness in shares of Boeing and 3M, but stabilized during the afternoon and gained momentum into the close.
Today's rally was balanced and market tone was mostly positive. Seven of the eleven S&P sectors closed the session with gains, led by Energy, Consumer Discretionary, Financials, Industrials, Technology, and Consumer Staples.
Factors Influencing Today's Market
Boeing traded lower again today as fallout from the grounding of 737 MAX 8 & 9 passenger jets.
Lyft the ride share company has started its IPO road show today. Shares will begin trading next Friday.
Deutsche Bank and Commerzbank announced that they are in merger talks.
Asian markets traded higher in their sessions.
Crude oil traded higher today. WTI crude oil price closed at $59.09/barrel, up 0.97%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow rose 65.23 points, Nasdaq rose 25.95 points, and the S&P added to 10.46 points. Total NYSE volume traded, a light 3.49 billion shares. Advancing shares outpaced Declining shares just better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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