Wednesday's Market Recap - Stocks Finished Modestly Lower Despite Better Than Expected China GDP
What is The Premarket Telling Us?
7:00 AM.
Stocks futures are moderately positive, with Dow futures up 30 points, Nasdaq up 21 points, and S&P futures up 5.25 points. On tap this morning is that China's GDP came in at 6.4%, and better than was expected, and could suggest the Chinese economy is stabilizing.
On The Bond Desk:
The US 10 Year Bond Yield @ 2.59%, down 0.01.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $64.50/barrel, up 0.70%.
On the Earnings Calendar:
CSX, and Morgan Stanley, reported strong quarterly results before the bell this morning.
Netflix report a solid quarter after the close of trading yesterday evening, by IBM reported a mixed quarter, disappointing investors.
In M&A News:
What About The Asian And European Markets?
Major Asian markets were mildly higher. Japan (Nikkei 225) up 0.25%, Shanghai up 0.29%, Hong Kong (Hang Seng) down 0.02%
Major European markets were mostly higher. German (DAX) up 0.20%, France CAC 40 up 0.62%, London FTSE 100 down 0.06%
Market And Sector Dynamics
Stock opened the trading day moderately up. The Dow gained 27 points, Nasdaq jumped 43 points, and the S&P added 9 points. Investors are becoming somewhat optimistic that 2019 corporate earnings growth is going to be better than originally thought.
Netflix reported a strong quarter, after the close of trading yesterday, and so did CSX railroad, and Morgan Stanley, and this is helping the transport and banking sector, early in today's session.
Today's modest morning rally, faded shortly after the opening bell, and continued to trade just below neutral for the remainder of the day.
Market breath was fairly negative, with six of eleven S&P sectors ending the day with gains, led by Technology, Consumer Staples, Consumer Discretionary, Communication Services, and Industrials. Healthcare, Real Estate, Basic Materials, and Utilities, were the major laggards.
Factors Influencing Today's Market
China's GDP came in at 6.4%, and better than most expected.
We learned today that, DOJ approval of the T-Mobile/Sprint deal may be in trouble.
Strong quarterly earnings report from Netflix, CSX, and Morgan Stanley.
Major Asian and European markets closed mostly higher in today's session.
Qualcomm and Apple has settled their ongoing dispute.
Crude oil inventories fell 1.4 million barrels, to 455.2 million barrels.
WTI crude oil lost some ground today, closing at $63.76/barrel, down 0.45%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mostly unchanged. The Dow fell 3.12 points, Nasdaq fell 4.15 points, and the S&P fell 6.61 points. Total NYSE volume traded, a moderate 3.56 billion shares. Declining shares outpaced Advancing shares by 1.45:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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