Friday's Market Recap - Investors Fearing Markets May Be Overbought, Took Some Chips Off The Tab
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately positive, two and a half hours before the opening bell. Dow futures up 78 points, Nasdaq futures up 45 points, and S&P futures up 11 points. Asian markets traded higher while we slept.
On The Bond Desk:
The US 10 Year Bond Yield at 1.86%, down 0.01%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $59.71/barrel, up 0.25%.
On the Earnings Calendar:
Q4 Earning season begins next week, with the major banks reporting, starting on Tuesday.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mostly higher. Japan (Nikkei 225) up 0.47%, Shanghai down 0.08%, Hong Kong (Hang Seng) rose 0.27%.
Major European markets traded mildly lower. German (DAX) fell 0.09%, France CAC 40 down 0.09%, London FTSE 100 down 0.14%.
Market And Sector Dynamics
Stocks opened mixed at the start of trading. The Dow lost 24 points, Nasdaq rose 11 points, and the S&P added 2 points. WTI Crude Oil price opened slightly lower at $59/barrel, down 0.96%. Markets turned mildly positive, a few minutes after the open, but turned lower around ninety minutes later, as investors digested the weaker than expected 145,000 new jobs, reported for December.
Investors also learned this morning that Iran had taken full responsibility for shooting down the Ukraine Airlines, Boeing 737 jet leaving Tehran International Airport. Shares of Boeing, continue to weigh negatively on markets, as the grounding of 737 MAX continues, and the more recent crash of the Ukraine Airline.
Stocks remained under pressure for the entire trading session, closing at the low of the day.
Today's market tone was negative, but markets were orderly. Eight of the eleven S&P sectors closed the session with losses. Financials, Industrials, Energy, Consumer Discretionary, Basic Materials, Communication Services, and Consumer Staples. Utilities and Real Estate ended lower.
Factors Influencing Today's Market
Iranian Government admits it shot down the Ukraine Airline jet in Tehran, in error.
Share of Boeing continues to pressure the Dow.
Major Asian market closed their session higher. European stock closed lower.
The US 10 Year Bond Yield closed at 1.820%, down 1.89%.
WTI Crude Oil closed at $59.04/barrel, down 0.87%.
This week's Baker Hughes US Oil Rig count fell 11 to 670 total.
Market Close Volume Traded And Advance Decline Ratio
Markets closed with losses. The Dow fell 133.13 points, Nasdaq fell 24.57 points, and the S&P lost 9.35 points. Total NYSE volume traded, a modest 3.28 billion shares. Declining shares outpaced Advancing shares by 1.15:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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