Friday's Market Recap - Stock Fall As Investors Fear Markets May Be Overbought.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are slightly lower, at this hour on the final day of trading for the week. Dow futures are down 24 points, Nasdaq futures down 24 points, and S&P futures off by 5 points.Crude oil is continuing its gains, after Iran shot down the unmanned US drone, earlier this week. The White House called off a strike on Iran overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.00%, down 0.03% or 3 basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $57.60/barrel, up 0.93%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 0.95%, Shanghai up 0.50%, Hong Kong (Hang Seng) down 0.32%
Major European markets modestly lower. German (DAX) down 0.13%, France CAC 40 down 0.13%, London FTSE 100 lost 0.23%.
Market And Sector Dynamics
Today's is the first day of Summer, and the market are off to a mildly negative start. The Dow fell 19 points, Nasdaq down 24 points, and S&P down 4 points. Crude oil up early, at $57.35/barrel, up 0.33%.
Stocks turned positive early in the morning session, with the Dow reaching a high of 120 points, just before noon. Markets turned lower early in the afternoon session,as geopolitical uncertainty in Iran, and fear that the market may be overbought, appear to spook investors, who decided to take profits, pushing the market stocks lower just at the close.
Six of the eleven S&P sectors closed the day with losses, led by Real Estate, Industrials, Technology, Consumer Discretionary, Consumer Staples, Basic Materials, and Financials.
Factors Influencing Today's
Geopolitical concerns spooked investors today, after the Trump Administration failed to respond to Iran's shooting down of an unmanned drone.
Fears that the markets may be overbought at this time.
Existing Home Sales rose 2.5% in May, 5.340 million vs 5.280 million consensus estimate.
WTI crude oil closed at $57.03/barrel, up 1.38%.
This week's Baker Hughes Oil Rig count rose 1 rig to 789 total.
Major Asian and European markets were mostly lower in their session.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the major markets were lower. The Dow lost 34.07 points, Nasdaq fell 19.63 points, and the S&P gave up 3.72 points. Total NYSE volume traded, heavy Triple witching Friday 5.09 billion shares.Declining shares outpaced Advancing shares by 1.69:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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