Monday's Market Recap - Stocks Flat After Apple Event Underwhelms, And Investors Obsess About Gl
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mildly lower ahead of the start of trading. Dow futures down 28 points, Nasdaq futures down 28.50 points, and S&P down 3.75 points. Global markets are on the weak side this morning on worries about slowing economic growth. All eyes will be on Apple today, as the company hold it special event, at it Cupertino, Headquarters in California. The company is expected to unvail a suite of streaming services.
On The Bond Desk:
The US 10 Year Bond Yield has fallen to 2.46%, down 0.08% or eight basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $59.00/barrel, down 0.07%.
On the Earnings Calendar:
None
In M&A News:
Lyft, the ride sharing company will launch its IPO on Friday.
What About The Asian And European Markets?
Major Asian markets were weak overnight. Japan (Nikkei 225) fell 3.01%, Shanghai down 1.97%, Hong Kong (Hang Seng) lost 2.03%.
Major European markets also closed moderately lower. German (DAX) down 0.15%, France CAC 40 down 0.18%, London FTSE 100 down 0.42%.
Market And Sector Dynamics
Stocks opened the trading session modestly negative, with the Dow down 26 points, Nasdaq down 20 points, and the S&P down 6 points. US Treasury yield continue to fall after the Fed/FOMC dovish stance on Wednesday. Crude oil is also trading slight lower this morning, with WTI at $58.65/barrel, currently down 0.69%
Shares of Apple are also lower, ahead of their new product announcement event, scheduled, in California, a few hours from now, while the other FAANG counterparts, especially Netflix, traded higher, early.
An hour after the open the Dow was down more than 125 points, but recovered by noon, reaching a high of 100 points. Stocks traded in an out of positive territory for the rest of the afternoon session, barely managing to close with a slight gain at the close.
Today's session as mostly lackluster today. The release of the new Apple produced,seems to have left investors underwhelmed, more evolutionary, than revolutionary. Six of the eleven S&P sectors closed the session with modest losses, led by Technology, Financial, Communication Services, Basic Materials. Consumer Discretionary, Industrials, and Utilities were higher.
Factors Influencing Today's Market
Special Counsel, Robert Mueller Report exonerated the President of collusion with Russia over the weekend.
Global economic weakness has now become a major concern for investors, and the markets.
US Treasury Bond yields continue to fall, and this is scaring the markets. The 10 Year Yield closed at 2.39%.
Apple announced a bunch of new Apps, including a streaming product platform, at its event in California today. Investors were mostly unimpressed. Shares of Apple fell in trading.
Shares of Boeing rose in today's trading.
Crude oil traded modestly lower today. WTI crude oil closed at $58.82/barrel, down 0.37%.
Asian and European markets closed lower.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were mixed. The Dow gained 14.51 points, Nasdaq down 5.13 points, and the S&P slipped 2.35 points. Total NYSE volume traded, a modest 3.33 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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