Monday's Market Recap - Stocks Makes Nice Recovery Thanks To Boeing.
What is The Premarket Telling Us?
8:00 AM.
Stock futures are all moderately negative at this hour. Dow futures down 114 points, Nasdaq futures down 33 points, and S&P lost 11.25 points. Protest in Hong Kong overnight may have dampened market sentiment in Asian markets overnight. On a more positive note, Alibaba 'Singles Day' online sales is in full swing, and on schedule to break last year's sales record. The US Bond Market is closed today in celebration, of Veteran's Day Holiday.
On The Bond Desk:
The US 10 Year Bond Yield at 1.93%, and unchanged.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $56.68/barrel, down 0.98%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower overnight. Japan (Nikkei 225) fell 0.26%, Shanghai fell 1.83%, Hong Kong (Hang Seng) lost 2.62%.
Major European markets also were weak. German (DAX) fell 0.23%, France CAC 40 slipped 0.07%, London FTSE 100 lost 0.42%.
Market And Sector Dynamics
Markets opened the trading session lower. The Dow lost 145 points, Nasdaq lost 45 points, and the S&P fell 14 points. Investors seem cautious this morning, after demonstrations in Hong Kong overnight, resulting in the killing of one demonstrator.
Markets remained depressed at for the morning session, before a rebounding early in the afternoon after an announcement by Boeing that the 737 - MAX is expected to be certified for flying some time in December. Shares of Boeing soared on that news, as did share of Apple which has rallied to new highs over the last few months.
Market tone was slightly negative, with eight of the eleven S&P sectors closing the day with modest losses, led by Utilities, Energy, Healthcare, Communication Services, Consumer Discretionary, Financials, Consumer Staples, and Basic Materials. Real Estate closed with modest gains.
Factors Influencing Today's Market
Stock turned around after optimism about Boeing 737 Max's return sometime in December.
Alibaba 'Singles Day' online sales or $38 Billion broke last year's record, as expected.
Demonstration in Hong Kong overnight was a negative for stocks today.
WTI Crude Oil closed at $58.83/barrel, down 0.51%.
Asian and European markets were lower in their sessions.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were mixed. The Dow gained 10.25 points, Nasdaq lost 11.04 points, and the S&P lost 6.07 points. Total NYSE volume traded, a light 3.06 billion shares. Declining shares outpaced Advancing shares by 1.17:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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