Wednesday's Market Recap - Dow Down Pressured By Boeing And Caterpillar.
What is The Premarket Telling Us?
7:00 AM.
Stock futures in the red at this hour, as the Department of Justice (DOJ) announces a broad antitrust review of big technology platforms, such as Facebook, Alphabet, Amazon, Apple, and others. Dow futures down 50 points, Nasdaq futures down 40 points, and S&P up 7.50 points.
Today, former Special Counsel, Robert Mueller, testifies before the Intelligence Committee, and the Judicial Committee, on Capitol Hill. He is expected to stick to facts and finding of his report, released over three months ago. Global PMIs suggests manufacturing is declining suggesting global economies are weakening.
On The Bond Desk:
The US 10 Year Bond Yield at 2.07%, up 0.03%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $58.01/barrel, up 0.16%.
On the Earnings Calendar:
Snap Inc. handily beats 2nd.Qtr.earnings report, after the close yesterday evening.
Better than expected earnings from United Technologies, Hasbro, Kimberley Clarke, Coke.
Boeing and Caterpillar badly missed quarterly results, disappointing investors.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded higher in their sessions. Japan (Nikkei 225) up 0.41%, Shanghai up 0.80%, Hong Kong (Hang Seng) up 0.20%.
Major European markets mixed. German (DAX) up 0.26%, France CAC 40 down 0.22%, London FTSE 100 down 0.73%.
Market And Sector Dynamics
Markets opened the trading day triple digit lower, with the Dow tumbling 129 points, Nasdaq fell 20 points, and the S&P down 7 points. Boeing and Caterpillar weighed heavily on the Dow, after reporting disappointing second quarter, financial results.
Stocks dipped even lower at the midway through the morning session, remained at or near that low level for the rest of the trading session.
Despite today's negative market tone, eight of the eleven S&P sectors finished the day with gains, led by Financials, Communication Services, Technology, Consumer Discretionary, Energy and Industrials.
Factors Influencing Today's Market
Boeing and Caterpillar badly disappointed investors, exerting strong pressure on the Dow.
Strong second quarterly earnings performance from Snap, and UPS, both beat earnings and revenue expectation.
Robert Mueller's testified before the Intelligence and Judicial Committees on Capitol toda
July PMI data suggest manufacturing may have stalled. It came in at 51.6 vs 51.7.
This week's EIA Petroleum Status Report shows US crude oil inventory fell (-10.8 million barrels) to 445 million barrels vs a draw of (-3.1 million barrels).
Market Close Volume Traded And Advance Decline Ratio
When markets closed, the major indices were mixed. The Dow fell 79.22 points, Nasdaq rose 70.10 points, and the S&P rose 14.09 points. Total NYSE volume traded, a modest 3.41 billion shares. Advancing shares outpaced Declining shares 2.65:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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