Wednesday's Market Recap - Scheduled December 15th. Tariffs Keeps Investor Guessing.
What is The Premarket Telling Us?
7.00 AM.
Futures are mostly neutral this morning. Dow futures down 35 points, Nasdaq futures up 9 points, and S&P was up 0.25 points. China trade deal is at the forefront for investors this morning, in light of additional tariffs scheduled to kick in on Sunday, December 15th.
On The Bond Desk:
The US 10 Year Bond Yield at 1.83%, unchanged.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $58.88/barrel, down 0.61%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 0.61%, Shanghai up 0.24%, Hong Kong (Hang Seng) up 0.79%.
Major European markets rose. German (DAX) up 0.58%, France CAC 40 up 0.22%, London FTSE 100 added 0.03.%
Market And Sector Dynamics
Stocks opened the trading session mixed, with the Dow down 53 points, Nasdaq up 13 points, and the S&P rose 3 points. Today, investors are mostly cautious, ahead of tariff deadlines, set by the Trump Administration, to go into effect on December 15th. At this point, it's anybody's guess if those tariffs will be levied.
Less uncertain, is the outcome of the Fed/FOMC policy meeting, the results of which will be announced this afternoon. No interest rates action is expected, and the markets are very subdued, and no surprise is expected.
Stock did manage to rally modestly, late in the afternoon session, and held on to slim gains at the close.
Despite the rather subdued session, market tone was fairly positive, with eight of the eleven S&P sectors closing the day with modest gains, led by Technology, Basic Materials, Industrials, Utilities, Communication Services, and Consumer Discretionary.
Factors Influencing Today's Market
Uncertainty around the implementation of the scheduled December 15th round of tariffs.
Fed/FOMC left interest rates at existing levels, as was expected.
Major Asian markets were mostly higher. Europe was also higher, ahead of elections tomorrow.
WTI Crude Oil slipped lower today, to close at $58.76/barrel, down 0.81%
The US Ten Year Bond Yield closed the day down 2.66%, to 1.793%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, markets were modestly higher. The Dow gained 29.58 points, Nasdaq gained 37.87 points, and the S&P gained 9.11 points. Total NYSE volume traded, a modest 3.24 billion shares. Advancing shares outpaced Declining shares by 1.77:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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