Wednesday's Market Recap - Stocks Closed Mixed As Lyft Reports Its First Quarterly Results.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are down moderately, two and a half hours before the bell. Dow futures down 90 points, Nasdaq futures down 35 points, and the S&P up 12 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.45%, down 0.05%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $62.10/barrel, down 0.03%.
On the Earnings Calendar:
Lyft reported it first quarterly earnings performance after the bell yesterday evening. The results were mixed, as revenue grew more than expected, but the company lost was bigger than expected.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded overnight. Japan (Nikkei 225) down 1.48%, Shanghai fell 1.12%, Hong Kong (Hang Seng) down 1.23%
Major European markets were modestly higher. German (DAX) up 0.72%, France CAC 40 up 0.40%, London FTSE 100 up 0.15%
Market And Sector Dynamics
Stocks were modestly at the start of the session, with the Dow down 12 points, Nasdaq down 10 points, and the S&P down 3 points.
WTI crude oil prices, mostly unchanged at $61.38/barrel.
Markets ticked higher around 11:00 AM, with the Dow up 135 points mid-morning, fluctuating above the flat line for the remainded of the session.
Eight of the eleven S&P sectors closed the session with modest losses, led by Utilities, Communication Services, Financials, Technology, Consumer Staples, Healthcare, and Basic Materials.
Factors Influencing Today's Market
In its first quarterly report since going public. The results were mixed, as revenues were mixed, but losses were more than expected.
This week's EIA Petroleum Status Report show US crude oil inventories fell 4 million to 466.6 million barrels.
WTI crude oil prices traded higher in the session, closing at $62.12/barrel, up 1.17%.
Asian markets were lower in their sessions. European markets were modestly higher.
Investors are becoming worried that a US China trade deal may not be imminent.
Market Close Volume Traded And Advance Decline Ratio
At the close, markets were mostly neutral. The Dow added 2.04 points, Nasdaq fell 20.44 points, and the S&P lost 4.33 points. Total NYSE volume traded, 3.43 billion shares. Declining shares outpaced Advancing shares 1.14:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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