Thursday's Market Recap - Dow Down After One Day After Fed Cut Interest Rates.
What is The Premarket Telling Us?
7:00 AM.
Futures are moderately lower, indicating market will be lower at the start of trading. Dow futures down 73 points, Nasdaq futures down 33 points, and the S&P is down 4 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield sitting at 1.79%, down 0.03% or three basis points.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.24
Crude Oil:
WTI crude oil futures @ $59.28/barrel, up 2.01%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mixed. Japan (Nikkei 225) up 0.38%, Shanghai up 0.46%, Hong Kong (Hang Seng) fell1.07%.
Major European markets modestly higher. German (DAX) up 0.55%, France CAC 40 up 0.68%, London FTSE 100 gained 0.58%
Market And Sector Dynamics
Markets opened the day in positive territory. The Dow gained 38.07 points, Nasdaq up 17.99 points, and the S&P up 4.46 points. WTI crude oil prices trending higher at $58.76?barrel, up $58.76/barrel. The US China trade talks continues in the background, as mid level talks are continuing in Washington.
Shares of Microsoft are moving higher this morning, as the company announced a $40 billion stock buyback program, and an increase in its quarterly dividends, after the close of trading yesterday.
Stocks remained in a narrow but positive range, for most of the morning session, but slowly trended lower in the afternoon session, falling into negative territory.
Today the market was mostly balanced, with six of the eleven S&P sectors closing with modest gains, led by Healthcare, Utilities, Real Estate, Technology, and Basic Materials. Industrials, Financials, Energy, and Consumer Discretionary, closed modestly higher.
Factors Influencing Today's Market
Investors were digesting the Fed's 25 basis point rate cut yesterday.
Lower level talks between China and US trade representatives are taking place in Washington today.
Microsoft announced a $40 billion share buyback program, and increased its dividends, after the bell yesterday.
August Existing Home Sales was a strong 5.490 million units vs 5.380 million units estimated.
US 10 Year Bond Yield closed at 1.787%, down 0.72%.
WTI crude oil close the day at $58.13/barrel, up 0.03%.
Market Close Volume Traded And Advance Decline Ratio
Today the markets closed mixed, with the Dow down 52.29 points, Nasdaq up 5.49 points, and the S&P fractionally up 0.06 point. Total NYSE volume traded, a modest 3.27 billion shares. Advancing shares outpaced Declining shares just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments