Monday's Market Recap - A Lackluster Session As Investor Fear Stocks Are Overbought.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately higher in the early going. Dow futures up 56 points, Nasdaq futures up 25 points, and S&P futures up 7 points. Asian markets end modestly elevated overnight.
On The Bond Desk:
The US 10 Year Bond Yield 2.07%, up 0.05%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures $57.80/barrel, down 0.80%.
On the Earnings Calendar:
None
In M&A News:
Eldorado Resort Casiono, announced it is buying Caesar's for $17.3 Billion.
What About The Asian And European Markets?
Major Asian markets ended modestly higher. Japan (Nikkei 225) up 0.13%, Shanghai added 0.21%, Hong Kong (Hang Seng) gained 0.14%.
Major European markets modestly lower today. German (DAX) down 0.53%, France CAC 40 down 0.12%, London FTSE 100 up 0.12%.
Market And Sector Dynamics
Stocks opened the trading session modestly higher, to begin the new trading week. The Dow gained 48 points, Nasdaq gained 6 points, and the S&P gained 1.86 point.
Markets remained mostly positive for the entire session, but the rally faded steadily as the session progressed, as investors digest a spate of weak US manufacturing data, uncertainty around trade problems with China, and fears that the markets may be overbought.
Today's session was slightly negative, with six of the eleven S&P sectors trading lower, led by Energy, Consumer Discretionary, Healthcare, Real Estate, Financials, and Industrials. Basic Materials, Consumer Staples, and Communication Services closed with slight gains.
Factors Influencing Today's Market
Eldorado Resort Casino plans to buy Caesar's for $17.3 Billion.
Geopolitical concerns involving the US and Iran, including potential conflict.
Investors worry that the markets may be overbought at this time.
Uncertainty around the US China trade negotiations, as the President will be meeting with President Xi, at the G20 Meeting, Osaka, Japan.
Market Close Volume Traded And Advance Decline Ratio
Our markets ended mixed today, with the Dow scratch out a gain of 8.41 points, Nasdaq fell 26.01 points, S&P lost 5.11 points. Total NYSE volume traded, a modest 3.11 billion shares. Declining shares outpaced Advancing shares by 1.57:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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