Monday's Market Recap - Stocks Down On Attack On Saudi Oil Facilities.
What is The Premarket Telling Us?
7:00 AM.
Two and a half hours before the opening bell, US stock futures were pointing lower. Dow futures down 123 points, Nasdaq futures down 52 points, and S&P futures fell 14 points. Markets are responding to a drone attack on Saudi Arabia's oil refinery facilities, over the weekend. Rebels in Yemen, have claimed responsibility for the attack.
On The Bond Desk:
The US 10 Year Bond Yield at 1.90%, unchanged.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.24
Crude Oil:
WTI crude oil futures surged to $59.30/barrel, up 8.11%, due to the attack in Saudi Arabia.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) closed (%), Shanghai slipped 0.02%, Hong Kong (Hang Seng) was down 0.83%.
Major European markets ended negative. German (DAX) fell 0.71%, France CAC 40 down 0.94%, London FTSE 100 down 0.63%.
Market And Sector Dynamics
At the start of trading, all the major indices were lower. The Dow lost 69 points, Nasdaq lost 44.42 points, and the S&P fell 10.41 points. WTI Crude Oil prices is also surging higher at $60.12/barrel, up nearly 10%, shortly after the open, the largest daily gain since 2008.
Investors are trying to digest the drone attack on Saudi oil facilities over the weekend, weaker than expected China economic data, and the UAWU auto workers strike on General Motors.
Stocks trended even lower, during the morning session, with the Dow down 186 points at the low of the day, and down 46 points, at the high.
Today sell off was fairly broad based, with eight of the eleven S&P sectors closing with losses, led by Basic Materials, Consumer Discretionary, Consumer Staples, Communication Services, Financials, Technology, Healthcare, and Industrials.
Factors Influencing Today's Market
The drone attack on Saudi Aramco oil facilities dominated markets today.
Crude oil surged on the attack, with WTI crude closing at $62.90/barrel, up 14.68%, the largest daily gain since 2008.
The US 10 Year Bond Yield closed the day at 1.843%, down 3.06%.
The UAWU workers walked of the job in a strike against General Motors.
In Asia, Japan and mainland China were closed, but European stocks surged.
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day, the Dow sank 142.70 points, Nasdaq down 23.17 points, and the S&P gave down 9.43 points. Total NYSE volume traded, a moderate 4.30 billion shares. Advancing shares outpaced Declining shares by 1.14:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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