Tuesday's Market Recap - Stocks Down Ahead Of Fed Decision On Interest Rates.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately lower, with Dow futures down 64 points, Nasdaq futures down 34 points, and S&P futures down 8 points. Asian markets closed higher overnight. The US and China have resumed talks in Shanghai today, but comments from the President
that talks are not going well, have somewhat dampened expectations for any progress.
On The Bond Desk:
The US 10 Year Bond Yield at 2.06%, down two basis points.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.221
Crude Oil:
WTI crude oil futures at $57.54/barrel, up 1.18%.
On the Earnings Calendar:
Beyond Meats reported better than expected quarterly results. Revenue beat expectation. The company also announce a secondary offering, and this sent shares lower.
Proctor& Gamble, Ralph Lauren, and Merck reported solid quarter earnings results before the bell this morning.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed higher in their session. Japan (Nikkei 225) up 0.43%, Shanghai up 0.39%, Hong Kong (Hang Seng) up 0.14%.
Major European markets were lower in their session. German (DAX) down 2.18%, France CAC 40 down 1.61%, London FTSE 100 down 0.52%.
Market And Sector Dynamics
Market opened today's trading session moderately lower. The Dow fell 92 points, Nasdaq down 58 points, S&P down 16 point. Strong quarterly earnings from Proctor & Gamble, Ralph Lauren, Merck, and Mastercard is adding some positive sentiment to the markets. WTI crude oil price also climbed slightly higher, at $57.13/barrel, up 0.41%.
Stocks traded lower for the entire session, as investor await the FOMC's interest rate decision tomorrow, uncertainty regarding US China trade talks, as the President indicates talks are not going well in Shanghai.
At the low, shortly after the open, the Dow fell nearly 150 points, before recapturing nearly all of those losses, during the afternoon session.
Today's session was mostly balanced, with six of the eleven S&P sectors closed the session with moderate losses, led by Utilities, Technology, Consumer Discretionary, Communication Services, and Healthcare. Energy, Real Estate, Basic Materials, and Industrial recorded moderate gains.
Factors Influencing Today's Market
President Trump's comments that US China trade talks are not going well.
Strong quarterly earnings performance from Proctor & Gamble, Merck, Ralph Lauren, and Mastercard.
Under Armour reported disappointing quarterly earnings.
WTI crude oil price closed at $58.05/barrel, up 2.07%.
The US 10 Year Bond Yield close at 2.060%, down 0.15%.
July Consumer Confidence was sharply higher than expected at 135.7 vs 125 estimated.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the major markets were modestly lower. The Dow fell 23.33 points, Nasdaq lost 19.71 points, and S&P down 7.79 points. Total NYSE volume traded, a modest 3.65 billion shares. Advancing shares outpaced Declining shares by 1.44:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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