Thursday's Market Recap - Dow Flat On Lower 10 Year Bond Yield, And Ahead Of Q1 Earnings Season
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mostly positive in today early market setup. Dow futures up 40 points, Nasdaq futures rose 8.75 points, and S&P futures up 4.5 points. Asian markets were lower overnight. Disney holds its investor day in California today. The company is expected to detail the feature of its online streaming products to its investors, and the public for the first time. Investors see Disney's action as a potential threat to Netflix. In Britain, Prime Minister May receives an extension from the European Union.
On The Bond Desk:
The US 10 Year Bond Yield at 2.48%, down 0.02% or two basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $64.10/barrel, down 0.79%.
On the Earnings Calendar:
JPMorgan, Wells Fargo,and PNC Bank report first quarter results tomorrow morning, before the opening bell.
In M&A News:
Uber could file its S1 document for its IPO as early as today or tomorrow.
What About The Asian And European Markets?
Major Asian markets mostly lower . Japan (Nikkei 225) rose 0.11%, Shanghai fell 1.60%, Hong Kong (Hang Seng) lost 0.93%
Major European markets were moderately higher after Prime Minister May was able to successfully negotiate an October 31st., extension for Britain to leave the European Union. Absent this agreement with the EU, Britain would crash out of the European Union on April 12th. possibly with dire consequences. German (DAX) rose 0.25%, France CAC 40 gained 0.66%, London FTSE 100 slipped 0.05%.
Market And Sector Dynamics
Stocks jumped higher at the open, with the Dow up 38 points, Nasdaq rose 8 points, and the S&P up 7 points. Markets turned lower shortly before noon, in a lackluster trading session, ahead of Disney's Investor Day presentation, later today, and the start of Q1 earning reports from big US banks tomorrow morning.
Another concern for investors has been the decline of the 10 year bond yield, below the 2.50% level. Today's yield opened at 2.474%, fell intraday to 2.470%, before ending the day at 2.449%, up 1.98%.
Market tone was negative and breath was mixed. Seven of the eleven S&P sectors ended the day with modest gains, led by Industrials, Utilities, Financials, Communication Services, Consumer Discretionary, and Consumer Staples.
Factors Influencing Today's Market
Disney's holds its Investor Day in California later today. Investors are assuming it will be well received.
US 10 Year Bond Yield hovered below the critical 2.50% level intraday, and closed at 2.499%.
Prime Minister May, received an Brexit extension form the European Union.
WTI crude oil closed moderately lower at $63.58/barrel, down 1.59%.
This week's Initial Jobless Claims fell 8,000 claims, to 196,000.
Market Close Volume Traded And Advance Decline Ratio
At the end today's session, the major indices were flat to mixed. The Dow gave up 14 .11 points, and Nasdaq fell 16.88 points, and the S&P was up a fraction (0.11) of a point. A light 2.93 billion shares. Advancing shares outpaced Declining shares by 1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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