Friday's Market Recap - Fear Of Coronavirus Sent Stocks Lower.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately lower this morning, as investors digest news of the coronavirus in China. Dow futures down 124 points, Nasdaq futures down 39 points, and S&P futures down 13 points. Asian markets were muted in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.64%, down 0.01%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $50.99/barrel, 0.71%.
On the Earnings Calendar:
Pinterest and Uber reported better than expected earnings.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) fell 0.19%, Shanghai down 0.33%, Hong Kong (Hang Seng) rose 0.33%.
Major European markets ended the day lower. German (DAX) lost 0.45%, France CAC 40 down 0.14%, London FTSE 100 down 0.51%.
Market And Sector Dynamics
Markets opened the day with major losses. The Dow sank 143 points, Nasdaq down 45 points, and the S&P fell 12 points. WTI crude oil also started the day lower, at $50.44/barrel, down 1.00%.
Stocks traded lower for the entire trading session. For the third Friday in a row, since the coronavirus, investor took profits, appearing reluctant to hold their long positions going into the weekend. Markets closed at or near the low of the day.
Today's selloff was broad based, negative, and orderly. Eight of the eleven S&P sectors closed with losses, led by Basic Materials, Technology, Healthcare, Energy, Industrials, Financials, Utilities, and Consumer Discretionary.
Factors Influencing Today's Market
January unemployment number shows the economy created 291,000 jobs, the unemployment rate tick up to 3.6%.
Fear of spreading coronavirus wore negatively on investors sentiment.
Both Asian and European stocks were lower in today's trading.
WTI Crude Oil price closed at $50.32/barrel, down 1.24%.
This week's Baker Hughes Oil Rig count rose 1 to 676 total.
US 10 Year Bond Yield closed at 1.582/barrel, down 3.77.
Market Close Volume Traded And Advance Decline Ratio
At the end of the session stocks were lower. The Dow fell 277.29 points, Nasdaq down 51.64 points,and the S&P down 18.07 points. Total NYSE volume traded, a modest 3.77 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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