Friday's Market Recap - Presidental Impeachment Looms Large In Washington,
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all moderately positive this morning. Dow futures up 77 points, Nasdaq futures higher up 25.75 points, and S&P futures up 10 point.
On The Bond Desk:
The US 10 Year Bond Yield at 1.68%, down 0.09% or nine basis points.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $55.84/barrel, down 0.01%.
On the Earnings Calendar:
None
In M&A News:
Endeavor Group Holdings Inc., pulled its IPO, due to unfavorable market conditions, after Peloton's less than stellar outing, and the disaster of WeWork two weeks ago.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) down 0.77%, Shanghai up 0.11%, Hong Kong (Hang Seng) fell 0.33%.
Major European markets. German (DAX) up 0.75%, France CAC 40 up 0.36%, London FTSE 100 up 1.02%.
Market And Sector Dynamics
As the futures indicated, markets opened for trading moderately higher, with the Dow adding 82 points, Nasdaq up 17.91 points, and the S&P up 9 points.
Markets held up fairly well for most of the morning session, but turned lower just before noon under the weight of all the uncertainty in the market place, including, impeachment inquiry, weak global economic growth, US China trade war, and geopolitical concerns about Iran.
At its high the Dow was up 115 points, around 11:30AM. Stocks turned decidedly lower during afternoon session, with the Dow reaching the low of the day, down 170 points. Stocks rebound in the last hour of trading to finished well off the lows.
Today's selloff was very pronounced. Nine of the eleven S&P sectors closed the day with losses, led by Technology, Communication Services, Real Estate, Healthcare, Industrials, Consumer Discretionary, Utilities and Basic Materials. Financials was modestly higher.
Factors Influencing Today's Market
Talk of the impeachment inquiry into President Trump took center stage today.
Well Fargo has hired a new banker Charlie Schraf as it new CEO, ending a nearly 2 year search.
Weakness in IPO markets, evidenced by Peloton's shaky outing, Endeavor pulling its issue, and WeWork's postponing its IPO, worry investors.
WTI Crude Oil closed at $55.91/barrel, down 0.89%.
This week's Baker Hughes Oil Rig Count down 6 rigs to 713.
Signs of weakness in global economic growth.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow was down 70.87 points, Nasdaq was down 91.03 points, and the S&P was down 15.83 points. Total NYSE volume traded, 3.42 billion shares. Declining shares outpaced Advancing shares 1.18:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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