Tuesday's Market Recap - A Mixed Session Dominated By Interest Rate And Trade Uncertainty.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all lower for a second day. Dow futures down 91 points, Nasdaq futures down 37 points, and S&P futures down 10 points. Asian markets were mixed overnight. Investor are mostly cautious, ahead of Fed Chair, Jerome Powell's testimony, on Capitol Hill tomorrow morning.
On The Bond Desk:
The US 10 Year Bond Yield at 2.03%, down 0.02%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $58.07/barrel, down 0.71%.
On the Earnings Calendar:
Pepsi handily beats second quarter earnings.
In M&A News:
IBM $34 Billion purchase of RedHat closed today.
CISCO is buying Acacia Communications in a deal worth $2.6 Billion.
What About The Asian And European Markets?
Major Asian markets were mixed overnight. Japan (Nikkei 225) up 0.14%, Shanghai down 0.18%, Hong Kong (Hang Seng) down 0.76%.
Major European markets were lower today. German (DAX) down 0.85%, France CAC 40 down 0.31%, London FTSE 100 down 0.17%.
Market And Sector Dynamics
Stocks opened the trading session decidedly lower, with the Dow down 117 points, Nasdaq fell 36 points, and the S&P lost 12 points. This is the third consecutive down open, for the markets. WTI crude oil, modestly higher at $57.73/barrel, up 0.12%. Market breath was mostly negative, with Declining shares outpacing Advancing shares 4:1.
Markets traded in negative session for the entire session, but did gain some upward momentum, shortly before the close.
Eight of the eleven S&P sectors ended the day with modest gains, led by Real Estate, Financials, Consumer Discretionary, Technology, Communication Services, and Healthcare.
Factors Influencing Today's Market
Investors remained cautious ahead of Fed Chair Powell's testimony on Capitol Hill on Wednesday.
Pepsi handily beats second quarter earnings expectations.
IBM closes its $34 Billion deal to acquire Redhat.
CISCO announced it is buying Acacia Communications for $2.6 Billion.
May job opening, JOLTS remains strong, but came in slight short of concensus - at 7.323 Million vs 7.400 Million.
WTI crude oil close the day at $57.83/barrel, up 0.29%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, markets were mixed. The Dow lost 22.65 points, Nasdaq gained 43.35 points, and the S&P added 3.68 points. Total NYSE volume traded, a light 3.07 billion shares. Advancing shares outpaced Declining shares 1.15:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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