Thursday's Market Recap - Impeachment Inquiry And Whistleblower Report Roiled Stocks.
What is The Premarket Telling Us?
7:00 AM.
US stock futures modestly higher. Dow futures up 40 points, Nasdaq up 3 points, and S&P futures 3.75 points. Political drama takes center stage today, as the Director of National Intelligence testifies before the House Intelligence Committee at 9:00 AM, on the Trump Whistleblower problem.
On The Bond Desk:
The US 10 Year Bond Yield at 1.73%, down 0.09%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $56.64/barrel, up 0.09%.
On the Earnings Calendar:
Micron (MU) beat quarterly earnings and revenue, buy guidance was lower than expected.
In M&A News:
Peloton IPO went off today. Priced last evening at $29.00/share, the high end of the range. The first trade went off at $27.00/share.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.13%, Shanghai down 0.87%, Hong Kong (Hang Seng) 0.37%
Major European markets closed higher. German (DAX) up 0.44%, France CAC 40 up 0.66%, London FTSE 100 up 0.84%.
Market And Sector Dynamics
Stocks opened for trading modestly lower, and political drama in Washington unfolds. Already, and impeachment inquiry was announced two evenings ago, by the Speaker of the House, and this morning the Director of the National Intelligence Agency is testifying before the Intelligence Committee, in the House, regarding the Whistleblower report, which was made public, this morning.
By 11:00 AM., the Dow was down 112.70 points, Nasdaq lost 70.10 points, and the S&P was down 16.12 points. Crude oil trended lower at $55.59/barrel, down 1.59%.
At the low of the day, the Dow was down 160 points, shortly before noon, but rebounded form those lows, gradually during the afternoon session.
The trading session was fairly balanced, with six of the eleven S&P sections closing with losses, led by Energy, Communication Services, Healthcare, Consumer Discretionary, Financials, and Basic Materials. Real Estate and Utilities were higher.
Factors Influencing Today's Market
Director of National Intelligence, testimony on Capitol Hill, and the backdrop of Impeachment Inquiry in the House of Representative.
Peloton IPO started traded today. It opened at $27/share, and below it $29.00 IPO price.
Asian markets were mixed, but European stock ended the day higher.
WTI Crude Oil prices closed at $56.41/barrel, down 0.41%.
US 10 Year Bond Yield closed at 1.697%, down 2.30%.
This week's Initial Jobless Claims jumped 3000 claims to 213,000.
Final read on First Quarter GDP came in at 2.0% as expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, stocks were moderately lower. The Dow lost 79.59 points, Nasdaq fell 46.72 points, and S&P futures lost 7.25 points. Total NYSE volume traded, a modest 3.13 billion shares. Declining shares outpaced Advancing shares by 1.30:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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