Tuesday's Market Recap - The Dow Lost Ground Today On Weak Earnings From Walgreen's.
What is The Premarket Telling Us?
8:00 AM.
US stock futures are mostly unchanged at this hour. Dow futures down 2 points, Nasdaq futures up 4.50 points, and the S&P was up 1 point. Asian markets were modestly higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield has ticked up at 2.50%, up 0.09% or nine basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $62.03/barrel, up 0.71%.
On the Earnings Calendar:
Walgreen's 2nd Qtr. earnings report disappointed investors. Shares of the company fell hard.
In M&A News:
Industrial company, Dow Chemical, separates from Dow Dupont, today, and began trading on the New York Stock Exchange.
What About The Asian And European Markets?
Major Asian markets slightly higher. Japan (Nikkei 225) slipped 0.02%, Shanghai up 0.20%, Hong Kong (Hang Seng) up 0.21%.
Major European markets closed modestly higher. German (DAX) 0.62%, France CAC 40 0.33%, London FTSE 100 up 1.01%.
Market And Sector Dynamics
Stocks opened the trading day lower under pressure from weak quarterly earnings from Walgreen's the pharmacy provider. Shares of the company, are solidly lower shaving about 40 points from the Dow.
The market traded below the flat line for the entire session, with the Dow down nearly 128 points, at the low of day just before noon, but recovered a fraction of the morning's losses during the afternoon session.
Shares of Lyft, the ride sharing company that began trading on Friday, closed lower than the $72 IPO price for a second day.
Today stocks were mostly mixed. Six of the eleven S&P sectors closed the day with modest losses, led by Consumer Staples, Energy, and Healthcare. Real Estate, Basic Materials, Communication Services, Technology, and Healthcare ended the day with moderate gains.
Factors Influencing Today's Market
Quarterly earnings disappointment from Walgreen's. Shares fell 13% in today's trading.
February Durable Goods Orders came in at - 1.6% vs 0.1% revised January.
WTI crude oil closed at $62.51/barrel, up 1.49%.
The planned separation of Dow Chemical, from Dow Dupont took place today. Shares closed up more than 5%.
Shares of Lyft close below it $72 IPO price for a second day.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow lost 79.29 points, Nasdaq up 19.78 point, and the S&P up 0.05, a fraction. Total NYSE volume traded, a modest 3.19 billion shares. Declining shares outpaced Advancing shares 1.32:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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