Monday's Market Recap - Stocks Closed At Record Highs, In Lackluster Session.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all positive at this hour. Dow future up 34 points, Nasdaq futures up 5 points, and S&P futures up 4 points. Overnight was learned that China's GDP came in at 6.2%, the lowest in a couple decades. Notwithstanding that, there are many countries in the world who would be happy to have that kind of growth. Most investors are taking this piece of China data in-stride, because it has well telegraphed.
On The Bond Desk:
The US 10 Year Bond Yield at 2.11%, down 0.01%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $60.43/barrel, up 0.37%.
On the Earnings Calendar:
CitiBank beats 2 Quarter Earnings expectation.
In M&A News:
Symantec and Broadcom have ended negotiations, unable to agree on the $28 billion merger price.
What About The Asian And European Markets?
Major Asian markets stocks traded higher overnight. Japan (Nikkei 225) up 0.20%, Shanghai up 0.40%, Hong Kong (Hang Seng) up 0.29%
Major European markets also closed higher. German (DAX) up 0.52%, France CAC 40 up 0.10%, London FTSE 100 0.34%.
Market And Sector Dynamics
Stocks opened today's session mixed, with the Dow down 5 points, Nasdaq rose 15 points, and the S&P up 2 points. WTI crude oil was modestly up early, at $60.67/barrel, up 0.75%. Despite solid earnings from Citibank, financials are under pressure, as investors worry about impending Fed's rate cuts, and their effect on banks, interest income, going forward.
The market returned to positive territory midpoint of the morning session, but went modestly negative again, for most of the afternoon session. Stocks returned to positive territory an hour before the close, and managed to hold on to slight gains for the day.
Today we saw a modestly positive rally. Eight of the eleven S&P sectors recording slight gains, led by Utilities, Consumer Discretionary, Technology, Healthcare, Consumer Staples, and Basic Materials. Energy, Financials, and Industrials, were a major on markets today.
Factors Influencing Today's Market
Symantec and Broadcom have ceased merger talks, failing to agree on the $28 Billion price tag.
CitiBank beats 2 Qtr. Earning Expectations.
Both Asian and European market traded higher in their session.
US 10 Year Bond Yield closed at 2.090%, down 1.59%.
WTI crude oil closed at $59.58/barrel, down 1.05%
Market Close Volume Traded And Advance Decline Ratio
Markets ended the session with modest gains. The Dow gained 27.13 points, Nasdaq added 14.04 points, and the S&P rose 0.53 (a fraction). Total NYSE volume traded, 2.91 billion shares. Declining shares outpaced Advancing shares just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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