Monday's Market Recap - Stocks Tank On Doubts Around A China Trade Deal.
What is The Premarket Telling Us?
7:00 AM.
At the start of the new trading week, US stock futures are modestly higher this morning. Dow futures were up 49 points, Nasdaq futures up 10 points, and the S&P futures up 5 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.78%, up 0.01%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $56.42/barrel, down 0.49%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed, overnight. Japan (Nikkei 225) fell 0.81%, Shanghai up 0.13%, Hong Kong (Hang Seng) up 0.37%.
Major European markets were decidedly lower. German (DAX) down 2.05%, France CAC 40 down 2.01%, London FTSE 100 down 0.82%.
Market And Sector Dynamics
Market opened with slim gains, but turned lower almost immediately. Thirty minutes after the open, the Dow was down 100 points, Nasdaq down 84 points, and the S&P lost 19 points.
Stocks were lower for all of today's session, as investor are starting to doubt, that a US China trade deal would be signed any time soon.
Market tone was negative, and the selloff was broad based, with nine of the eleven S&P sectors ending the day with moderate losses, led by Real Estate, Industrials, Technology, Basic Materials, Communication Services, Utilities, Consumer Discretionary, Financials, and Healthcare.
Factors Influencing Today's Market
WTI Crude Oil price closed higher at $55.96/barrel, up 1.43%.
US 10 Year Bond Yield jumped 1.52% higher to 1.822%.
Asian markets were mixed while Europe was solidly lower.
November PMI Index is holding steady at 52.6 vs 52.2 consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, stocks were lower. The Dow lost 268.37 points, Nasdaq lost 97.48 points, and the S&P lost 27.11 points. Total NYSE volume traded, a modest 3.30 billion shares. Declining shares outpaced Advancing shares by 2.63:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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