Thursday's Market Recap - Surprisingly Weak Earnings Report By 3M Sank Stocks Today.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are most weak this morning, with Dow futures down 124 points, Nasdaq futures up 8 points, and S&P futures down 2.75 points. Facebook reported a strong quarter after the bell yesterday, and should be rewarded by investors in today's session.
On The Bond Desk:
The US 10 Year Bond Yield at 2.52%, down 0.05%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $66.16/barrel, up 0.41%.
On the Earnings Calendar:
3M reported a dismal quarter this morning, shares of the company are down big.
In M&A News:
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) up 0.48%, Shanghai fell 2.43%, Hong Kong (Hang Seng) fell 0.86%
Major European markets were down. German (DAX) lost 0.50%, France CAC 40 down 0.33%, London FTSE 100 down 0.50%
Market And Sector Dynamics
Markets opened today's trading session triple digit lower. The Dow plunged 178 points, under pressure from 3M, after the company badly missed first quarter earnings, citing weakness in China. The company also announced it would layoff 2000 workers. The Nasdaq jumped 48 points, thanks to solid earnings from social media giant, Facebook, MSFT, and Chipotle.
The Dow traded in negatively territory for the entire session, as weakness in 3M remained intense. Stocks did bounce off the morning lows, and stayed at that higher level for the rest of the afternoon.
Market tone was mostly negative, although the Nasdaq did out-perform to the upside thanks to shares of Facebook, other technology companies, and healthcare. Six of the eleven S&P sectors closed the day with losses, led by Industrials, Basic Materials, Consumer Staples, Consumer Discretionary, Energy, and Real Estate. Healthcare, Communication Services, Utilities, and Financials were higher.
Factors Influencing Today's Market
Weak First Quarter Earning from 3M was the key factor depressing markets today.
Blowout First Quarter Earnings from Facebook helped the Nasdaq to hold on to a positive session today.
WTI crude oil close modestly lower today, closing at $65.21/barrel, down 1.03%.
This weeks Initial Jobless Claims surged 37,000 claims, to 230,000 total.
Asian markets ended their day mixed.
Market Close Volume Traded And Advance Decline Ratio
At the end of a mixed trading session. The Dow lost 134.97 points, Nasdaq gained 16.67 points, and the S&P gave up 1.08 points. Total NYSE volume traded, a modest 3.38 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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