Wednesday's Market Recap - A Squishy September Retail Sales Number Spooked Investors Today.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mostly negative this morning. Dow futures down 77 points, Nasdaq down 22.50 points, and the S&P down 9.25 points.
On The Bond Desk:
The US 10 Year Bond Yield 1.77%, up 0.04% or four basis points.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $52.86/barrel, up 0.09%.
On the Earnings Calendar:
Bank of America Q3 earnings beat analyst expectations.
After the close of trading yesterday evening, United Airlines beats Q3 earnings expectation.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly up in their session. Japan (Nikkei 225) gained 1.20%, Shanghai down 0.41%, Hong Kong (Hang Seng) up 0.61%.
Major European markets were mixed. German (DAX) up 0.32%, France CAC 40 down 0.09%, London FTSE 100 down 0.61%.
Market And Sector Dynamics
Markets were down at the start of trading. The Dow fell 47 points, Nasdaq down 29 points, and the S&P was down 6 points. WTI crude oil prices are mostly flat in early trading. Better than expected third quarter earnings from Bank of America is helping market sentiment, but a weaker than expected Retail Sales print is weighing negatively on markets, as investors worry that the consumer spending may be weakening.
Tuesday night's Democratic debate is also of concern, as the more progressive candidates seems intent on targeting billionaires, as a source of the country's problems, and are proposing a wealth tax to address those disparities.
Stocks remained in negative territory for the entire session. The selloff was modest, with six of the S&P eleven sectors closing with modest losses, led by Energy, Technology, Financials, Healthcare and Real Estate. Consumer Discretionary, Basic Materials, and Utilities were moderately higher.
Factors Influencing Today's Market
September Retail Sales came in at a lower than expected - 0.30% vs a revised 0.60% for July.
Strong third quarter performance from Bank of America.
Crude Oil prices climbed higher today. WTI Crude oil prices closed at $53.36/barrel, up 1.04%.
US 10 Year Bond Yield closed at 1.745%, down 1.47%.
Encouraging Brexit news is also helping markets.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were modestly lower. The Dow lost 22.82 points, Nasdaq down 24.52 points, and S&P was down 5.99 points. Total NYSE volume traded, a light 3.23 billion shares. Advancing shares outpaced Declining shares by 1.10:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments