Monday's Market Recap - Stock Ends Mixed After A Strong Beat From Halliburton, And Rising Crude
What is The Premarket Telling Us?
7:45 AM.
US stock futures are looking weak this morning, on the first trading day of the new week, and after the market was closed on Good Friday for the Easter Holiday. Dow futures down 61 points, Nasdaq futures down 26 points, and S&P futures down 7 points. On tap, is a busy week of corporate earnings, including large technology companies.
On The Bond Desk:
The US 10 Year Bond Yield at 2.56%, down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $64.09/barrel, up 0.39%.
On the Earnings Calendar:
Surprisingly strong quarterly earnings performance from energy services provider, Halliburton.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) up 0.08%, Shanghai down 1.70%, Hong Kong (Hang Seng) down 0.54%.
Major European markets were mixed in their sessions. German (DAX) up 0.57%, France CAC 40 up 0.31%, London FTSE 100 down 0.15%.
Market And Sector Dynamics
Stocks opened the trading day moderately lower with the Dow down 79 points, Nasdaq down 24 points, and S&P down 8 points. The Dow is under pressure due to Boeing, trading lower on a NYTimes piece suggesting rushed production on the Dreamliner, and manufacturing debri left on finished planes, which potentially, could cause safety problems.
Energy service provider, Haliburton beat earings expectations, helping to push shares of energy companies higher. Crude oil is also higher, after the Trump administration announced the end of waivers for those countries that were allowed to continue buying oil from Iran. Countries such as, China, India, Turkey. This will go into effect on May 2nd.
Quarter one, earning picture has been improving, and that is helping market sentiment, as stock recover some of the morning's lows, as share of Boeing recovers, and the big integrated oil giants, Exxon, Chevron, Marathon move higher in the session. At the low the Dow was down almost 100 points, and stock traded in negative territory for the entire session.
Market tone was negative, with eight of the eleven S&P sectors ending the day with modest losses, led by Real Estate, Basic Materials, Industrials, Financials, and Consumer Discretionary. Energy, Communication Services, and Technology were higher.
Factors Influencing Today's Market
Halliburton reported a strong quarterly earnings performance.
New York Times report on Boeing suggesting rushed manufacturing is taking precedent over quality and safety.
The Trump Administration ending waivers for countries buying Iranian oil, effective May 2nd.
Asian markets were mostly in today's trading. Europe was mixed.
WTI crude oil was up big today, closing at $65.70/barrel, up 2.66%.
Market Close Volume Traded And Advance Decline Ratio
At the end of the session, the Dow lost 48.49 points, Nasdaq gained 17.21 points, and S&P added 2.94 points. Total NYSE volume traded, a light 2.96 billion shares. Declining shares outpaced Advancing shares 1.42:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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