Friday's Market Recap - Weaker Than Expected China GDP Sent Stock Lower.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are flat to slightly lower. Dow futures down 1 point, Nasdaq futures down 5.50 points, and S&P futures up a fraction 0.50 point. China reported weaker than expected 6.0% GDP, the lower in over 27 years.
On The Bond Desk:
The US 10 Year Bond Yield at 1.76%, up 0.01%
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $54.44/barrel, up 0.95%.
On the Earnings Calendar:
Coke reported better than expected Q3 Earnings.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) up 0.18%, Shanghai down 1.32%, Hong Kong (Hang Seng) down 0.48%.
Major European markets traded lower today. German (DAX) fell 0.17%, France CAC 40 down 0.65%, London FTSE 100 lost 0.44%.
Market And Sector Dynamics
Stocks opened Friday's trading slightly lower. The Dow fell 13 points, Nasdaq fell 7 points, and the S&P slipped 2 points. Weighing on markets this morning, China's GDP grew 6.0% the lowest level in a few year, and seems to be worsening.
Markets trended lower for the entire trading session as investors surmise that slowing growth in China, means slowing global growth, and the US economy is not immune, it this continues. At the same time investors remain uncertain, what if anything was achieved in the recent phase1 deal with China and the US.
Today's selloff was balanced, with six of the eleven S&P sectors ending the day with moderate losses, led by Technology, Industrials, Energy, Healthcare, Consumer Discretionary, and Basic Materials. Real Estate, Utilities, and Financials were moderately positive.
Factors Influencing Today's Market
China's GDP came in at 6.0%, the lowest in more than 27 year.
Coke reported better than expected Q3 earnings results.
WTI crude oil closed at $53.78/barrel, down 0.28%.
This Week's Baker Hughes Oil Rig count rose 1 to 713 total.
US 10 Year Bond Yield closed at 1.754%, up 0.23%.
The British Parliament vote on Brexit on Saturday, in a extraordinary session.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed on Friday, markets were all lower. The Dow gave up 255.68 points, Nasdaq fell 67.31 points, and the S&P fell 11.75 points. Total NYSE volume traded, a light 3.30 billion shares. Declining shares outpaced Advancing shares by 1.05:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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