Monday's Market Recap - Dow Falls On Sharp Decline In Shares Of Boeing.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately negative at this hour. Dow futures down 69 points, Nasdaq futures down 6.75 points, and S&P futures down 3 points.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.50%, down 0.01%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $63.36/barrel, up 0.44%.
On the Earnings Calendar:
None.
In M&A News:
Pinterest has begun its road show. The company has set its IPO price at $15 to $17/share.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) fell 0.21%, Shanghai slipped 0.05%, Hong Kong (Hang Seng) gained 0.47%.
Major European markets mixed to lower. German (DAX) down 0.39%, France CAC 40 lost 0.08%, London FTSE 100 up 0.07%.
Market And Sector Dynamics
Stocks opened the trading day decidedly lower, with the Dow down 127 points, Nasdaq fell 16 points, and the S&P down 5 points.
A sharp decline in shares of Boeing was the real culprit today after the company announced 19% cut in production of the 737 MAX planes, from 52 planes to 42 plane per month, which led Bank of America to downgrade the stock this morning.
Stock remained in negative territory for the entire trading session, under pressure mostly from Boeing, which ended the session down more than $17/share or 4.4%. Stocks did regain some ground in afternoon trading, but not enough to close above the flat line.
Six of eleven S&P sectors closed the day with moderate gains, led by Energy, Consumer Staples, Technology, Consumer Discretionary, and Financials. Utilities, Real Estate, Industrials, and Consumer Services.
Factors Influencing Today's Market
Shares of Boeing was downgraded by Bank of America after the company cut its production of 737 MAX by 19%. Share of the company declined more than 4% in today's session.
Asian and European markets closed their session mixed.
WTI crude oil traded higher today, closing at $64.43/barrel, up 1.61%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the major indices were mixed. The Dow fall 83.97 points, Nasdaq gained 15.19 points, and the S&P gained 3.03 points. Total NYSE volume traded, a light 3.03 billion shares. Advancing shares outpaced Declining shares just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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