Thursday's Market Recap - Stocks Decline For A Second Day After The Fed Seemed Cool To A Rate Cu
What is The Premarket Telling Us?
9:14 AM.
Stock futures are mostly unchanged at this hour. Dow futures down 28 points, Nasdaq futures up 7 points, and the S&P futures are unchanged. Earnings season continues to be better than expected. Under Armour reported a strong quarter this morning, with its international operations being a stand out.
In a surprise announcements TSLA annoounced that it is raising $2 Billion cash, in a convertible debt issue.
On The Bond Desk:
The US 10 Year Bond Yield ticked back up to 2.55% up 0.04%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.30
Crude Oil:
WTI crude oil futures oil at $61.89/barrel, down 2.69%
On the Earnings Calendar:
Better than expected quarterly earnings from Under Armour,this morning
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 0.22%, Shanghai up 0.52%, Hong Kong (Hang Seng) up 0.83%
Major European markets mostly lower. German (DAX) up 0.01%, France CAC 40 down 0.85%, London FTSE 100 down 0.46%.
Market And Sector Dynamics
Stocks modestly lower, with the Dow falling 25 points, Nasdaq was down 5 points, and the S&P down 1.75 points. Falling WTI crude oil price is also pressuring stocks, currently down 2.55% to $61.98/barrel.
Stocks continued to sink in the morning session, with the Dow hitting a low of about 230 points around mid-day. Stocks reclaimed some of the mornings losses, during the afternoon session, but not enough to get back to the flat line.
Eight of the eleven S&P sectors closed the session with losses, led by Energy, Technology, Basic Materials, Communication Services, Utilities, and Industrials. Healthcare and Financials were modestly higher in the session.
Factors Influencing Today's Market
In a surprise move, Tesla plans to a capital raise of $2 billion in the form of a convertible debt issue.
Strong quarterly earnings performance from Under Armour.
WTI crude oil prices fell hard in the session. It closed at $61.69/barrel, down 3%.
This week's Initial Jobless Claims stayed neutral at 230,000.
European markets closed lower today.
Market Close Volume Traded Aed Advance Decline Ratio
When the markets closed, stocks were down again for the second day. The Dow dived 122.35 points, Nasdaq lost 12.87 points, and the S&P was off 6.21 points. Total NYSE volume traded, a modest 3.74 billion shares. Declining shares outpaced Advancing shares 1.19:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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