Friday's Market Recap - US Killing Of Iran General Sends Stocks Lower.
What is The Premarket Telling Us?
8:30 AM.
US stock futures are significantly lower after the US killing of Iran General, Qasem Soleimani, in Iraq. Asian markets finished lower.
On The Bond Desk:
The US 10 Year Bond Yield at 1.83%, down five basis points or 0.05%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.30
Crude Oil:
WTI crude oil futures @ $63.37/barrel, up 3.58%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets fell in today's session. Japan (Nikkei 225) down 0.76%, Shanghai lost 1.41%, Hong Kong (Hang Seng) fell 0.32%.
Major European markets were mixed. German (DAX) fell 1.25%, France CAC 40 added 0.04%, London FTSE 100 rose 0.24%.
Market And Sector Dynamics
Markets opened decidedly lower, with the Dow down 360 points, Nasdaq down 112 points, and the S&P down 35 points. Investors are responding to news that the US has targeted and killed Iran's leader of the Kuds Force, General Qasem Soleimani, at the airport in Baghdad, Iraq.
Stocks rebounded gradually off the morning lows, as the session progressed, but remained in negative territory for the entire session, as new of the killing dominated the new cycle. Crude oil prices spiked, although, less than would be expected, if an incident like this had happened, say ten years ago.
Commodity prices moved higher in the session, as the geopolitical tensions with Iran escalates. Gold, and Crude oil prices climbed higher in the session.
Today's selloff was broad based, and market tone was fairly negative. Nine of the eleven S&P sectors lost ground, led by Basic Materials, Financials, Technology, Healthcare, Consumer Discretionary, Communication Services, Energy, and Consumer Staples. Real Estate, and Utilities ended higher.
Factors Influencing Today's Market
Killing of Iran General, Qasem Soleimani by US Forces, in Iraq, cast fear of retaliation over markets.
WTI Crude Oil price closed at $63.05/barrel, up 3.06%.
Baker Hughes US Oil Rig count fell 7 rigs to 670 total.
US 10 Year Bond Yield closed at 1.793%, down 4.48%.
Asian markets were lower overnight, while European stocks were mixed.
Market Close Volume Traded And Advance Decline Ratio
Markets ended solidly lower on today. The Dow fell 233.92 points, Nasdaq lost 71.42 points, and the S&P fell 23 points. Total NYSE volume traded, a light 3.52 billion shares. Declining shares outpaced Advancing shares better than 1.14 :1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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