Monday's Market Recap - Investors Push Stocks Higher, As Earnings Outlook Improves.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately in the green this morning. Dow futures up 69 points, Nasdaq futures up 37 points, and the S&P futures up 9 points. Asian markets closed solidly lower in their session.
On The Bond Desk:
The US 10 Year Bond Yield 2.05%, up one basis point.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $56.75/barrel, up 1.78%, as tensions with Iran intensifies.
On the Earnings Calendar:
Halliburton beats earnings estimates, but disappointed on revenue. Shares traded higher.
Whirlpool also beat earning and revenue, and increased its outlook.
Facebook, Amazon, Google, Caterpillar, and Visa, all report results during this week.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets lost ground overnight. Japan (Nikkei 225) down 0.23%, Shanghai down 1.37%, Hong Kong (Hang Seng) down 1.37%.
Major European markets were modestly lower. German (DAX) up 0.24%, France CAC 40 up 0.26%, London FTSE 100 added 0.08%.
Market And Sector Dynamics
Stocks opened modestly higher, with the Dow down 36 points, Nasdaq rose 25 points, and the S&P added 5 points. Investors are anticipating a busy week of earnings. Haliburton and Whirlpool reported better than expected earnings results. Shares of Apple are on the move higher, early in the session. Also reporting this morning, Equifax, the credit reporting company has agreed to pay $700 Million, for its massive 2017 data breach.
Rising geopolitical tensions with Iran, is also an integral part of today's market backdrop.
One hour after the open, the Dow turned negative, after being up more than 70 points, shortly after the opening, led down primarily by shares of Boeing, after receiving a negative outlook by Fitch, the credit rating company.
The Dow hugged the flat line for most of the afternoon session, before ticking higher an hour before the close, and was barely able to end the day with a slight gain.
Market breath was mostly balance. Six of the eleven S&P sectors closed with modest gains, led by Technology, Energy, Financial, Communication Services, and Consumer Discretionary. Consumer Staples, Basic Materials, and Utilities were the laggards.
Factors Influencing Today's Market
Better than expected quarterly results from Whirlpool and Halliburton.
Equifax to pay $700 Million, for its massive 2017 security beach.
Fitch rating agency reduced it outlook on Boeing, which sent shares of the company lower.
WTI crude oil futures closed at $56.22/barrel, up 1.06%.
US 10 Year Bond Yield close at 2.05%, down 0.43%.
Rising geopolitical tensions with Iran remains a concern for markets.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading for the day, markets were mildly lower.The Dow gained 17.70 points, Nasdaq jumped 57.65 points, and the S&P added 8.42 points. Total NYSE volume traded, a light 3.02 billion shares. Declining shares outpaced Advancing shares 1.11:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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