Tuesday's Market Recap - Another Day Of Gains, Despite Threat On EU Tariffs.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are slightly negative across the board, this morning. Dow futures down 24 points, Nasdaq futures down 11 points, and S&P futures down 2 points. Lingering concerns regarding US China trade truce, and talk of US tariffs against Europe, over subsidies for Airbus, has entered the fray. Asian markets were positive overnight. OPEC and other oil producing countries have agreed to extend existing oil production levels, for another nine months ( to March 2020).
On The Bond Desk:
The US 10 Year Bond Yield ticked up 2.03%, up 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at down 0.25%, at $58.94/barrel.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were higher. Japan (Nikkei 225) up 0.11%, Shanghai slipped 0.03%, Hong Kong (Hang Seng) gained 1.17%.
Major European markets were modestly higher. German (DAX) up 0.04%, France CAC 40 up 0.16%, London FTSE 100 up 0.82%.
Market And Sector Dynamics
Stock opened the trading session modestly lower. The Dow down 34 points, Nasdaq fell 5 points, and the S&P lost 1.5 point. WTI crude oil down modestly early in the session, currently at $58.78/barrel, down 0.54%.
Markets turned modestly positive, at the mid point of the morning session. By early afternoon, stocks had retreated to the low of the day, Dow down nearly 80 points.
Stocks returned to positive territory around 2:00 PM, and hung out at that level for a while, before pushing higher just before the close.
Today session was fairly positive, with seven of the eleven S&P sectors closing with gains, led by Real Estate, Utilities, Communication Services, Consumer Staples, Healthcare, and Consumer Discretionary. Energy and Financials were today's laggards.
Factors Influencing Today's Market
Lingering concerns around US China Trade deal, and threat of US tariff on the EU because of Airbus.
OPEC and Non-OPEC Oil producers have agreed to extend existing production cut for another nine months (until March 2020).
WTI Crude Oil fell hard today, after OPEC and other countries agreed to extend existing cut for 9 Months. WTI crude closed at $56.55/barrel, down 4.30%.
US 10 Year Bond Yieid slipped to 1.976%, down 2.80%.
Market Close Volume Traded And Advance Decline Ratio
At the close of today's trading session. The Dow gained 69.25 points, Nasdaq gained 17.93 points, and S&P at 8.68 points. Total NYSE volume traded, a light 3.21 billion shares. Advancing shares outpaced Declining shares by 1.20:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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