Wednesday's Market Recap - Amidst Mixed Ratail Earnings, Stalled US China Talks, Stocks Takes A
What is The Premarket Telling Us?
7.00 AM.
US stock futures ares flat to lower ahead of the opening bell. Dow futures are up 2 points, Nasdaq futures up 6.50 points, S&P futures down 0.75 point. Futures became decidedly more negative as the morning progressed, literally insuring that stocks would open the trading session solidly lower.
On The Bond Desk:
The US 10 Year Bond Yield at 2.43%, up 0.02%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $62.54/barrel, down 0.93%.
On the Earnings Calendar:
Target's earnings beat analyst expectations and shares are surging higher.
The mixed earning picture continues, with both Lowe's and Nordstrom disappointing investors.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) up 0.05%, Shanghai fell 0.49%, Hong Kong (Hang Seng) up 0.18%.
Major European markets closed mixed. German rose (DAX) 0.21%, France CAC 40 fell 0.21%, London FTSE 100 added 0.07%.
Market And Sector Dynamics
Markets opened the trading day well into negative territory. The Dow fell 89 points, Nasdaq down 37 points,and S&P fell 10 points. The mixed retail earning picture continues, as Target beats earnings, based on strong digital operations, while Lowe's and Nordstrom badly missed estimates.
Also weighing heavily on markets, a court ruling against chipmaker, Qualcomm, on the basis that its anticompetitive behavior, has hurt others in its industry. Sending shares of the company tumbling lower. The company plans to appeal the ruling.
Markets also learned this morning, via testimony on Capitol Hill, from Treasury Security, Steven Mnuchin, there are no talks or visits, are taking place between the US and China at this time.
Fifteen minutes after the open, market turned even lower, with the Dow down 100 points.
Today's selloff was balanced, and market tone was negative. Six of the eleven S&P sectors closed with losses, led by Energy, Consumer Discretionary, Industrials, Basic Materials, and Technology.
Utilities, Healthcare, and Consumer Staples, closed with moderate gains.
Factors Influencing Today's Market
US China trade war dampened investor sentiment, causing a selloff.
Court ruling against Qualcomm for antitrust behavior, sending shares of the company, and the chipmakers lower.
A mixed quarterly retail earnings picture for major US retailers.
Asian markets were mostly lower in their session.
WTI Crude oil trader lower today, closing at $61.42/barrel, down 2.49%.
This week's EIA Petroleum Status Report shows US crude oil inventories rose 4.7 million barrels,to 476.8 million barrels.
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day, the Dow fell 100.72 points, Nasdaq fell 34.88 points, and the S&P lost 8.09 points. Total NYSE volume shares traded, a modest 3.13 billion shares. Declining shares outpaced Advancing shares by 1.65:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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