Tuesday's Market Recap - Stocks Rebound After A Negative Start, As Investor Rotate To Value.
What is The Premarket Telling Us?
7:00 AM.
Futures are moderately lower at this hour, indicating stocks will be lower at the open. Dow futures down 39 points, Nasdaq futures down 20.25 points, and S&P is up 5.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.62%, up 0.07% or seven basis points
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $58.16/barrel, 0.54%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) up 0.35%, Shanghai down 0.12%, Hong Kong (Hang Seng) up 0.01%
Major European markets closed higher. German (DAX) 0.35%, France CAC 40 0.08%, London FTSE 100 up 0.44%.
Market And Sector Dynamics
Stocks started the trading day slightly lower. The Dow fell 35 points, Nasdaq fell 38 points, and the S&P dropped 8 points. Crude oil was also off to a positive start, with WTI Crude at $58.20/barrel, up 0.645.
Stocks were lower for most of the morning session, but turned higher early in the afternoon session, gradually gaining momentum, into the close of trading.
In today's session, investors continued to rotate out of those momentum stocks that have outperformed so far this year, and into more value oriented stocks. The rally was mostly balanced.
Six of the eleven S&P sectors closed the session with modest gains, led by Energy, Industrials, Basic Materials, and Financials. Real Estate, Consumer Staples, Technology, and Consumer Discretionary, were lower.
Factors Influencing Today's Market
Saudi Arabia making moves to sure up oil prices, ahead of it's impending Aramco IPO
July Job Openings (JOLTS) continued to trend lower at 7.127 vs 7.281 (revised).
WTI Crude Oil prices closed at $57.40/barrel, down 0.78%.
The US 10 Year Bond Yield closed the day at 1.744%, up 5.89%.
Major Asian markets were mixed, while European markets were higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, markets were mixed, the Dow gained 73.92 points, Nasdaq fell 3.28 points, and the S&P up 0.96 points. Total NYSE volume a moderate 4.38 billion shares. Advancing shares outpaced Declining shares by 1.41:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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