Monday's Market Recap - Stock Plunge As China Slaps Retaliatory Tariffs On US Goods.
What is The Premarket Telling Us?
7:00 AM.
US China trade war fears are roiling global markets this morning. US stock futures are down big, ahead of the start of trading. Dow futures down 345 points, Nasdaq futures down 149 points, and S&P futures down 42 points. Markets are under pressure after China announced retaliatory tariffs, on an additional $60 billion US goods, in response to the new US tariffs, announced last Friday.
On The Bond Desk:
The US 10 Year Bond Yield at 2.46%, unchanged.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $62.37/barrel, up 1.15%
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mostly lower. Japan (Nikkei 225) down 0.72%, Shanghai down 1.21%, Hong Kong (Hang Seng) up 0.84%
Major European markets down were solidly lower. German (DAX) down 1.52%, France CAC 40 down 1.22%, London FTSE 100 down 0.55%.
Market And Sector Dynamics
Stock opened the trading session deep in the red. The Dow lost 412 points, Nasdaq down 190 points, and S&P lost 50 points, as the fall out continues from China's retaliatory tariffs, schedule to go into effect on June 1. WTI crude oil is bucking the down trend early, is currently at $63.15/barrel, up 2.40%.
Stocks traded lower for the entire trading session, closing near the lows of the day. The selloff was broad-based and deep, with ten of the eleven S&P sectors closing with losses. Technology, Consumer Discretionary, Financials, Industrials, Communication Services, Basic Materials, Healthcare, and Financials, led markets lower.
Factors Influencing Today's Market
China slaps retaliatory tariffs on an additional $60 billion of US goods.
Major Asian and European markets fell in their respective session.
WTI crude oil prices lost ground today, closing at $61.04/barrel, down 1.01%.
US 10 Year Bond Yield closed at 2.40%, down 1.46%.
Market Close Volume Traded And Advance Decline Ratio
When the session closed, all the indices were solidly lower. The Dow tanked 617.38 points, Nasdaq sank 269.92 points, and S&P lost 69.53 points. Total NYSE volume traded, a modest 3.85 billion shares. Declining shares outpaced Advancing shares 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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