Tuesday's Market Recap - Stocks Higher Intraday, But Closed Flat.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are predicted solidly higher open. Dow futures are up 108 points, Nasdaq futures up 30 points, and the S&P futures up 12 points. The Fed/FOMC begins its 2 day policy meeting today, and Disney will closed its $71 Billion deal to purchase Twentieth Century Fox.
On The Bond Desk:
The US 10 Year Bond Yield at 2.61%, up 0.01%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.32
Crude Oil:
WTI crude oil futures $58.91/barrel, up 0.64%.
On the Earnings Calendar:
In M&A News:
Disney closes the Fox deal today, at midnight.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) down 0.06%, Shanghai down 0.18%, Hong Kong (Hang Seng) up 0.19%
Major European markets were all higher. German (DAX) gained 1.13%, France CAC 40 added 0.24%, London FTSE 100 up 0.34%.
Market And Sector Dynamics
Markets opened with a bang this morning, with the Dow up 101 points, Nasdaq up 33 points, and the S&P gained 10 points. This morning's optimism can be attributed to rising crude oil prices, with WTI crude oil at $59.32/barrel, up 0.39%, early in the session.
There is also a general feeling that progress is being made on the China US trade deal, despite no recent updates.
Another positive for markets, Disney will close its mega million purchase of Twentieth Century Fox, at midnight tonight. The Fed?FOMC begins the first day of its two day meeting today, with a decision on interest rates will be announced tomorrow afternoon. An interest rate hike is not expected, as the market is mostly convinced that the Fed is definitely on hold, perhaps for the rest of the year.
Stocks stayed comfortably positive for most of the morning session, but drifted lower early in the afternoon, as some speculate that the US China trade deal, may not be going as well was as previously thought. That sent markets into negative territory.
Seven of the eleven S&P sectors closed in negative territory, led by Utilities, Financials, Industrials, Real Estate, Energy, Basic Materials, and Consumer Staples.
Factors Influencing Today's Market
Disney all set to close it mega deal to acquire Twentieth Century Fox.
New Uncertainty surrounding the US China trade deal created some doubt among investors, late in the session.
Fed/FOMC began its two day meeting today. No interest rate hike is expected.
Crude oil prices was modestly lower today. WTI crude oil closed at $59.03/barrel, down 0.10%.
Major Asian markets were mixed, while European markets traded higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, markets were mostly flat. The Dow fell 26.72 points, Nasdaq rose 9.47 points, and the S&P gave up 0.37 point. Total NYSE volume traded, 3.59 billion shares. Declining shares outpace Advancing shares by 1.50:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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