Tuesday's Market Recap - Stocks Fell In Lackluster Trading Session.
What is The Premarket Telling Us?
7:00 AM.
US stock futures area bit subdued at this hour. Dow futures are down 40 points, Nasdaq futures up 2.75 points, and S&P futures down 2 points. Asian stocks closed mixed in their session. The busy week of earnings, continues, with Master Card and GM reporting before the bell this morning.
On The Bond Desk:
The US 10 Year Bond Yield higher at 1.86%, up 0.06% or six basis points.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $56.12/barrel, down 1.24%.
On the Earnings Calendar:
GM and Master Card reported strong earnings results, this morning.
Beyond Meats reported better than expected quarterly earnings results after the close yesterday.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed overnight. Japan (Nikkei 225) rose 0.47%, Shanghai fell 0.87%, Hong Kong (Hang Seng) lost 0.39%
Major European markets ended mixed. German (DAX) slipped 0.02%, France CAC 40 up 0.17%, London FTSE 100 fell 0.34%.
Market And Sector Dynamics
Stocks opened the trading day modestly lower. The Dow fell 34 points, Nasdaq lost 12 points, and the S&P was down 2 points. WTI Crude oil started the day lower, at $54.86/barrel, down 1.68%.
Markets gaped higher at the midpoint of the morning session, with the Dow up around 60 points, responding the better than expected earnings from General Motors, Mastercard, and Visa, a few days earlier, a proxy suggesting that the US consumer economy is healthy.
Investor were also watching the testimony, on Capitol Hill, from Boeing's CEO,Dennis Muilenburg, regarding the grounding of the 737 - MAX, after the Ryan Air and the Ethiopian Airline crashes.
By noontime all the major indices were flat to lower. Stocks rebounded off the lows in the afternoon session, but failed to regain positive territory, and finally closed near the low of the day.
Session breath was fairly balanced, with seven of the eleven S&P sector ending the day with gains, led by Healthcare, Basic Materials, Energy, Real Estate, Industrials, Financials, and Utilities. Communication Services, Technology, Consumer Discretion, and Consumer Staples, were lower.
Factors Influencing Today's Market
Testimony by Boeing CEO on Capital Hill dominate market news during the session.
Some optimism around signing of Phase 1 deal between the US and China.
FOMC began its November meeting today. A twenty five basis point cut is expected tomorrow.
Better than expected earnings from General Motors, and Mastercard, and Beyond Meat.
October Consumer Confidence slipped to 125.9 vs 128.8 expected, but still healthy.
Market Close Volume Traded And Advance Decline Ratio
Today the markets closed modestly lower. The Dow fell 19.30 points, Nasdaq lost 49.13 points, and the S&P slipped 2.53 points. Total NYSE volume traded, a modest 3.61 billion shares. Advancing shares outpaced Declining shares by 1.12:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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