Friday's Market Recap - A Second Case Of The Coronavirus In The US Sent Stocks Deep In The Red.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are higher this morning. Dow futures up 69 points, Nasdaq futures up 30 points, and S&P futures up 7 points. Asian market were mostly neutral overnight, as they prepare to celebrate their Lunar New Year, against the backdrop of the Coronavirus outbreak, in Wuhan, China.
On The Bond Desk:
The US 10 Year Bond Yield at 1.74%, down 0.03%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $56.38/barrel, 0.38%.
On the Earnings Calendar:
American Express (AXP) reported blowout Q4 Earnings results, as did chipmaker Intel.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) rose 0.13%, Shanghai lost closed, Hong Kong (Hang Seng) closed.
Major European markets closed with gains. German (DAX) up 1.41%, France CAC 40 up %, London FTSE 100 up 1.04%.
Market And Sector Dynamics
Markets opened the trading day decidedly higher. The Dow gained 105 points, Nasdaq gained 44 points, and S&P up 7 points. Strong Q4 earnings results from American Express, and Intel have investors in a risk on mode. Shares of Boeing are also higher, as Boeing's new 777 is schedule for test flight today.
Another catalyst, helping markets, Flash PMI index for Japan, Europe, and UK, while not good, came in better than expected, suggesting global manufacturing may be stabilizing.
Today rally which seemed destined for another day of positive gains, started to go south, immediately after the announcement of a second case of the coronavirus, in the US.
Shortly before 3:00 PM, the Dow was down almost 320 points, the low of the day. Stocks did recovery a small fraction of the losses, shortly before the close.
Market tone was mostly negative with ten of the eleven S&P sectors closing with losses. Healthcare, Financials, Consumer Discretionary, Energy, Communication Services, Basic Materials, Consumer Staples, Industrials, and Technology.
Factors Influencing Today's Market
Announcement of second coronavirus case in the US sent stocks tumbling.
Strong Q4 Earning results from American Express, and Chipmaker, Intel.
PMI Indexes for Japan, Europe, and the UK, while not good, may be stabilizing.
WTI Crude Oil price closed at $54.19/barrel, down 2.52%.
This week's US Oil Rig count rose 3 rigs to 676 total
US 10 Year Bond Yield closed the day at 1.686% at 2.60%.
Major Asian markets was mostly flat in Friday's trading. European stocks traded higher.
Market Close Volume Traded And Advance Decline Ratio
The three major indexes closed with losses in today's session. The Dow dived 170.36 points, Nasdaq fell 87.57 points, and the S&P was down 30.07 points. Total NYSE volume traded, a modest 3.77 billion shares. Declining shares outpaced Advancing shares by 2.45:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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