Tuesday's Market Recap - Modest Stock Selloff, Due To Falling Energy Prices.
What is The Premarket Telling Us?
7:00 AM.
Mostly flat, describes US stock futures at this hour. Dow futures down 4 points, Nasdaq up 4 points, and the S&P up 1.00 point. Major Asian markets traded higher overnight. Today, Facebook will testify before the Senate Banking Committee, on its proposed Libra digital currency.
On The Bond Desk:
The US 10 Year Bond Yield at 2.09%, down 0.02%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $59.78/barrel, up 0.34%.
On the Earnings Calendar:
JP Morgan, Goldman Sachs, and Wells Fargo reported and beat 2nd Qtr. Earnings results this morning. Potential Fed rate cuts, and weaker than expected Net Interest Margins, seems to be a concern for investors in these banks.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed overnight. Japan (Nikkei 225) down 0.69%, Shanghai down 0.16%, Hong Kong (Hang Seng) up 0.23%.
Major European markets traded moderately higher. German (DAX) up 0.35%, France CAC 40 up 0.65%, London FTSE 100 up .060%.
Market And Sector Dynamics
Stocks opened the day slightly lower. Dow down 17 points, Nasdaq down 6 points, and S&P down 3 points. Crude oil mostly flat early, at $59.58/barrel, unchanged.
Stocks turned positive, half an hour after the open, and held on just above the flat line until around midday, when comments from the President, suggested that trade negotiations with China, is all but nonexistent. Stock fell precipitously, on that piece of news, but quickly rebounded to the flat line, and remained at that level into the close.
In what was mostly a lackluster session, eight of the eleven S&P sectors ended with modest losses, led by Energy, Technology, Utilities, Healthcare, Financials, Real Estate, and Consumer Discretionary. Industrials, and Basic Materials were the positive sectors today.
Factors Influencing Today's Market
Better than expected Second Quarter Earnings from JP Morgan, Goldman Sachs, and Wells Fargo.
June Retail Sales came in much stronger than expected 0.40% vs 0.1% estimated.
Facebook testimony before the Senate Banking Committee on its proposed Libra currency.
Amazon's Annual Prime Day is in full progress, and is expected to surpass last years sales targets.
Major Asian and European markets traded higher today.
WTI crude oil closed at $57.62/barrel, down 3.29%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended the major indices were lower. The Dow fell 25.53 points, Nasdaq fell 35.39 points, and the S&P down 10.26 points. Total NYSE volume traded, a moderate 3.30 billion shares. Advancing shares and Declining shares were basically even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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