Monday's Market Recap - Stocks Lower On Lackluster Session.
What is The Premarket Telling Us?
7:00 AM.
Stocks futures are moderately negative at this hour. Dow futures down 94 points, S&P down 24 points, and S&P futures down 10 points. Major Asian markets were mixed overnight. US and Chinese negotiators will hold talks in Washington, later this week. No major breakthrough is expected.
On The Bond Desk:
The US 10 Year Bond Yield at 1.52%, down 0.02%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $53.16/barrel, up 0.66%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed lower. Japan (Nikkei 225) slipped 0.16%, Shanghai down 0.92%, Hong Kong (Hang Seng) fell 1.11%.
Major European markets closed with moderate gains. German (DAX) gained 0.70%, France CAC 40 rose 0.61%, London FTSE 100 added 0.59%.
Market And Sector Dynamics
As indicated by the futures, the markets opened moderately lower, with the Dow down 78 points, Nasdaq down 26 points, and the S&P fell 9 points. Investors are exercising caution, ahead of continuing US China trade talks, scheduled for later this week, in Washington. Stocks remained depressed for most of the morning session and the early afternoon, but rebounded to positive territory around 2:00 PM, with the Dow up more than 75 points. At the low, of the morning the Dow was down 124 points.
In general, today's session was a lackluster one, without any real catalyst to push markets higher.
The selloff was fairly broad based, with ten of the eleven S&P sectors closing the day in negative territory, led by Energy, Consumer Staples, Industrials, Technology, Utilities, Financials, Consumer Discretionary, Healthcare, Real Estate, and Basic Materials.
Factors Influencing Today's Market
Investor are hoping that US China traded talks scheduled for Thursday, will yield some positive results.
Crude oil prices were modestly lower. WTI Crude closed at $52.75/barrel, down 0.11%.
US 10 Year Bond Yield at 1.565%, up 3.28%.
Asian markets were modestly lower, while European markets closed higher.
Market Close Volume Traded And Advance Decline Ratio
The major markets lost ground today. The Dow fell 95.70 points, Nasdaq lost 26.18 points, and the S&P was down 13.22 points. Total NYSE volume traded, a light 3.02 billion shares. Declining shares outpaced Advancing shares nearly 1.70:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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