Friday's Market Recap - A Surprisingly Strong Read On 1Qtr. GDP Was A Positive Catalyst For Stoc
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed to neutral at this hour. Dow futures down 16 points, Nasdaq up 14 points, and the S&P slipped 0.25, a fraction. Asian markets were mixed in their sessions. Earning season continues with Exxon and Chevron scheduled to report before the bell.
On The Bond Desk:
The US 10 Year Bond Yield at 2.53%, up 0.01%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $64.19/barrel,
On the Earnings Calendar:
Ford Quarterly Earnings beat analyst expectations. Shares of the company are trading higher.Energy giants, Exxon and Chevron Qtr.1 Earnings performance missed analyst expectations, sending shares of the companies tumbling.
In M&A News:
Ride share company, Uber began its IPO road show. Shares of the company are prices in the $44 - $50/share range.
Slack.com, the collaborative work hub is planning to come to market shortly, as a 'direct listing.'
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) down 0.22%, Shanghai down 1.22%, Hong Kong (Hang Seng) up 0.19%
Major European markets were modestly positive. German (DAX) up 0.27%, France CAC 40 up 0.21%, London FTSE 100 down 0.08%
Market And Sector Dynamics
Markets opened the trading session with moderate losses. The Dow lost 24 points, Nasdaq lost 19 points, and the S&P slipped 1 point. WTI crude oil is also giving up some of the gains of the last few sessions, sitting currently at $63.70/barrel, down 2.32%.
This morning's First Quarter GDP number came in at a surprisingly solid 3.2%, but the markets so far responded with a big yawn.
The Dow was down nearly 60 points, in mid-morning, before turning around a short while later. Stock hung out just above the flat line for most of the afternoon session, and ticked higher just before the close.
Market breath was solid, with nine of the S&P sectors closing the day with gains, led by Healthcare, Financials, Consumer Discretionary, Consumer Staples, Basic Materials, Communication Services, Industrials, and Real Estate. Energy, and Technology were the laggards.
Factors Influencing Today's Market
First read on First Quarter GDP came in at a surprisingly strong 3.2%.
Exxon and Chevron missed first quarter earnings estimates, sending shares of both companies lower.
Intel first quarter earnings also disappointed investors, and slashed guidance.
Uber began its IPO road show today. Shares are prices in the $44 - $50/share range.
WTI crude oil fell today, settling at $63.30/share, down 2.93%.
This week's Baker Hughes Oil Rig count fell 20 rigs to 805 total.
Final read on April Consumer Sentiment came in at 97.2 vs 97.1
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day, the Dow rose 81.25 points, Nasdaq gained 27.72 points, and the S&P added 13.71 points. Total NYSE volume traded, a modest 3.22 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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