Tuesday's Market Recap - The President Hawkish Criticism Of China. Stocks Down.
What is The Premarket Telling Us?
7:00 AM.
At this hour, US stock futures are moderately positive, with Dow futures up 81 points, Nasdaq up 29 points, and the S&P up 9 points. President Trump will address the UN General Assembly, in New York, later this morning. Across the Pond, the British Supreme Court ruled that Prime Minister, Boris Johnson's Pirogue of the British Parliament was unlawful.
On The Bond Desk:
The US 10 Year Bond Yield @ 1.71%, down 0.06%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.24
Crude Oil:
WTI crude oil futures $57.94/barrel, 1.19%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were higher. Japan (Nikkei 225) up 0.09%, Shanghai %, Hong Kong (Hang Seng) up 0.23%
Major European markets. German (DAX) fell 0.29%, France CAC 40 down 0.04%, London FTSE 100 down 0.47%.
Market And Sector Dynamics
Stocks opened today's session lower. The Dow surged 183 points, Nasdaq rose 34 points, and the S&P was up 10 points. WTI Crude oil at $58.15/barrels, down 0.84%. Market tone was positive, and market breath great, 3 to 1 advancing to declining shares.
The session look like a risk on one, until the President's address at the United Nations, where among other comments, he delivered hawkish comments about China, suggesting that the possibility of a trade deal was not imminent. From there, stocks went south, and never returned to positive territory.
Today's selloff was very negative, and broad based. Nine of the eleven S&P sectors closed with losses, led by Energy, Communication Services, Consumer Discretionary, Technology, Basic Materials, Financials, Healthcare, and Industrials. Utilities and Consumer Staples were higher.
Factors Influencing Today's Market
President Trump's address to the UN, including strong criticism of China, sent markets lower.
British Supreme Court ruled Prime Minister, Boris Johnson Pirogue of Parliament unlawful.
Talk of impeaching the President is gaining more traction in Washington.
September Consumer Confidence fell noticably to 125.1 vs 133 estimated.
WTI Crude Oil closed the day at $57.29/barrel, down 2.30%.
US 10 Year Bond Yield closed at 1.652%, down 4.12%.
Market Close Volume Traded And Advance Decline Ratio
Stocks closed decidedly lower in today's trading. The Dow lost 142.22 points, Nasdaq fell 118.83 points, and the S&P down 25.18 points. Total NYSE volume traded, Total NYSE volume traded, a moderate 3.92 billion shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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