Wednesday's Market Recap - Stocks Closed Mixed As Public Impeachment Hearing Begins.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately lower at this hour. Dow futures down 114 points, Nasdaq futures down 43 points, and S&P futures down 13 points. On tap this morning; Open Impeachment Hearing begins in the House at 9:00 AM, regarding President Trump's efforts pressure on the the Ukraine President to investigate the Bidens, and the 2016 Presidential elections.
On The Bond Desk:
The US 10 Year Bond Yield at 1.91%, down 0.03%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $56.39/barrel, down 0.72%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded lower, overnight. Japan (Nikkei 225) fell 0.16%, Shanghai down 0.33%, Hong Kong (Hang Seng) lost 1.82%.
Major European markets were also lower. German (DAX) down 0.40%, France CAC 40 down 0.21%, London FTSE 100 down 0.19%
Market And Sector Dynamics
Stocks opened the trading day moderately lower. The Dow sank 100 points, Nasdaq fell 28 points, and the S&P lost 8 points. WTI Crude Oil price, is slightly down early, at $56.63/barrel, down 0.30%. Fed Chairman, Jerome Powell, testifies on Capitol Hill today. For only the third time in US history public or open Impeachment hearing begins in the House of Representatives, this morning, with two fact witnesses /// and Kent .
Stocks turned around shortly after the opening and continued move higher during the rest of the session, as investor continued to cheer yesterday's routine comment from the President, that US China talks were going well, and that China badly wants a deal, more that the United States.
Things got a bit wobbly midway through the afternoon session, on news that their may be a snag with the signing of the trade deal. Later the market regained its footing, and climbed back, to close at the high of the session.
Stocks were mostly balance during the session, with six of the eleven S&P sector, closing with gains, led by Utilities, Real Estate, Consumer Staples, Communication Services, and Technology.
Factors Influencing Today's Market
Open Impeachment Hearing on Capitol Hill dominated the news today.
Stock rebound early, on some optimism about a US China trade deal.
Asian and European markets closed lower in their sessions.
Fed Chair Powell testifies before the Congressional Joint Economic Committee, on Capitol Hill. The Chairman says the economy is holding up very well.
WTI Crude Oil Price closed at $57.12/barrel, up 0.56%.
The US 10 Year Bond Yield fell sharply to 1.891%, down 1.92%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mixed. The Dow rose 92.10 points, Nasdaq fell 3.99 points, S&P add 2.20 points. Total NYSE volume traded, a light 3.65 billion shares. Declining shares outpaced Advancing shares by 1.10:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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