Monday's Market Recap - Down Day Due To Mixed Bank Earnings, A Decline In Shares Of Boeing.
What is The Premarket Telling Us?
8:00 AM.
Its April 15, the last day to file your 2018 taxes. US stock futures are mostly flat this morning, ahead of the start of trading. Dow futures up 24 points, Nasdaq futures up 5.50 points, and the S&P up a fraction 0.25 point.
On The Bond Desk:
The US 10 Year Bond Yield at 2.56%, up 0.06%, or six basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $63.26/barrel, down 0.99%.
On the Earnings Calendar:
Goldman Sachs and CitiBank reported mixed first quarter earning before the opening bell.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) gained 1.37%, Shanghai down 0.34%, Hong Kong (Hang Seng) fell 0.33%.
Major European markets were flat. German (DAX) up 0.17%, France CAC 40 up 0.11%, London FTSE 100 unchanged %.
Market And Sector Dynamics
The 'Tax Day' iteration of the market stated the trading day modestly lower, primarily on mixed earnings from two major banks, CitiBank, and Goldman Sachs. Citi beat earnings expectations, and revenue was inline. Goldman did also beat earnings, but revenue was lower than expected. One hour after the open, the Dow was down 59 points, Nasdaq was down 44 points, and the S&P fell 8 points. Shares of Boeing were also lower early, as more US airlines, have cancelled service involving the 737 MAX, out to August.
Markets reached the low of the day, just after midday, with the Dow down around 95 points. Markets bounced off those lower a short while later, and gradually move back towards the flat line, during the afternoon session.
Today's trading was mostly balanced, with seven of the eleven S&P sectors closing lower, led by Financials, Real Estate, Energy, Industrials, and Basic Materials. Consumer Staples, Healthcare, Consumer Discretionary, and Communication Services ended the day higher.
Factors Influencing Today's Market
Today is the deadline for filing Year 2018 Taxes.
Mixed first quarter earnings results from two major US banks, CitiBank and Goldman Sachs.
Share of Boeing declined modestly in the session as airlines continue to cancel service involving the 737 MAX out to August.
Major Asian markets were mixed in today's session.
The US 10 Year Bond Yield seems to have settled down in the midpoint of the 2.50% range, calming fears of recession.
WTI Crude oil closed at $63.40/barrel, down 0.77%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the Dow fell 27.53 points, Nasdaq lost 8.15 points, and the S&P gave up 1.83 points. Total NYSE volume traded, a modest 3.04 billion shares. Declining shares outpaced Advancing shares 1.17:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments