Monday's Market Recap - Investors Take Profits After Threat Of New Tariffs On French Luxury Good
What is The Premarket Telling Us?
7:30 AM.
Stock futures are marginally positive at this hour. Dow futures up 19 points, Nasdaq futures up 6 points, and S&P futures up 2.75 points. It is the second to the last day of trading of 2019. Asian stocks traded higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.87%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.32
Crude Oil:
WTI crude oil futures .
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) lost 0.76%, Shanghai up 1.16%, Hong Kong (Hang Seng) up 0.33%.
Major European markets were lower. German (DAX) fell 0.66%, France CAC 40 down 0.91%, London FTSE 100 down 0.76%.
Market And Sector Dynamics
Markets opened mostly flat to start the shortened week of trading, with the Dow up 9.50 points, Nasdaq slipped 2.17 points, and the S&P was fractionally higher up 0.07 point. All the major indices remain close to their all time highs.
Stock remained in negative territory for the entire session. At the low of the day in the morning the Dow was down around 220 point, before recovering a fraction of those losses, during the noon to 1:00 PM hour. Stock sold off during the late afternoon session, to close, just shy of the lows of the morning.
Today's selloff was broad based but orderly, and market breath was mostly negative. All eleven S&P sectors closed with modest to losses, led by Communication Service, Consumer Discretionary, Healthcare, Technology, Industrials, Consumer Staples, Basic Materials, and Energy
Factors Influencing Today's Market
Investor take some profits after threats of additional tariffs on French luxury goods, wines and cheeses.
US 10 Year Bond Yield Closed at 1.886%, up 0.67%.
WTI Crude Oil price closed modestly lower at $61.68/barrel, down 0.06%.
Major Asian markets were mostly higher, while European stock lost ground.
Chicago PMI for December came in at 48.90 vs 46.30 in November, but well below the 50 considered as neutral.
Pending Home Sales for November up 1.2% vs (1.7%) in October.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the major indices all lost ground. The Dow fell 183.12 points, Nasdaq fell 60.62 points, and the S&P lost 18.73 points. Total NYSE volume traded, a light 3.01 billion shares. Declining shares outpaced Advancing share by 1.33:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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