Wednesday's Market Recap - Falling Crude Oil Prices Took Stock Down Today.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly negative, early in the premarket session. Dow futures are down 73 points, Nasdaq futures down 37 points, and S&P down 9 points. Asian markets fell overnight, especially Hong Kong, as there were large protest taking place in the financial district, regarding a controversial extradition bill. Shares of TSLA are moving higher, on positive comments from CEO Elon Musk, about production targets.
On The Bond Desk:
The US 10 Year Bond Yield has ticked up to 2.14%
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures down 2.65% at $51.86/barrel
On the Earnings Calendar:
A disappointing quarterly earning report from Dave & Busters, sends share of the company tumbling lower.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were all lower. Japan (Nikkei 225) down 0.35%, Shanghai down 0.56%, Hong Kong (Hang Seng) down 1.73%.
Major European markets also lower. German (DAX) fell 0.33%, France CAC 40 down 0.62%, London FTSE 100 0.42%
Market And Sector Dynamics
Stock opened modestly higher, with the Dow up 20 points, Nasdaq down 13 points,and the S&P up 1 point. Shortly after the open however, stocks went negative, falling to the low of the day just before noon.
Markets remained lower for entire session under pressure from uncertainty about trade, federal reserve interest rate policy, and geopolitical issues.
Trading was mixed, with six of the eleven S&P sectors closing with gains, led by Utilities, Healthcare, Basic Materials, Real Estate and Industrials. Energy, Financials, Technology, Communication Services, and Consumer Discretionary, lagged in the session.
Factors Influencing Today's Market
Weak quarterly report from Dave & Busters set the tone for markets today.
Shares of Tesla was up early on positive comments from Elon Musk about production, ended lower.
CPI for the month of May rose at the consensus 0.1%.
This week's EIA Petroleum Status Report show an inventory build of 2.2 million barrels to 485.5 million barrel.
WTI crude oil lost significant ground today, closing at $51.14/barrel, down 4%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow fell 43.68 points, Nasdaq fell 29.85 points, and the S&P lost 5.88 points. Total NYSE volume traded, a modest 3.04 billion shares. Declining shares outpaced Advancing shares 1.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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