Thursday's Market Recap - Increasing Number Of Coronavirus Cases Pushed Stocks Lower.
What is The Premarket Telling Us?
7:00 AM.
Futures are decidedly lower suggesting markets will be negative at the open. Dow futures down 192 points, Nasdaq futures down 69 points, and the S&P futures down 22 points. Asian markets closed lower overnight, as the number of coronavirus increased in China, mostly attributable to new was of calculating cases.
On The Bond Desk:
The US 10 Year Bond Yield at 1.63%, up 0.04%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at at $50.99/barrel, down 0.35%
On the Earnings Calendar:
Alibaba (BABA) reported another strong quarter before the bell this morning.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded lower today. Japan (Nikkei 225) down 0.14%, Shanghai down 0.71%, Hong Kong (Hang Seng) down 0.34%.
Major European markets were also lower today. German (DAX) down 0.03%, France CAC 40 %fell 0.19, London FTSE 100 fell 1.09%.
Market And Sector Dynamics
Markets opened well to the downside. The Dow fell 112 points, Nasdaq down 43 points, and the S&P fell 9 points. An increase in the number of new coronavirus cases in China is weighing on stocks early.
Stocks sank even further after the open, and remained at those levels, before recovering at by mid-morning, but still in negative territory. The afternoon session was more of the same.
Seven of the eleven S&P section closed the day with losses, led by Industrials, Healthcare, Energy, Basic Materials, Technology, and Consumer Discretionary.
Factors Influencing Today's Market
Increasing number of coronavirus cases reported in China weighed negatively on markets.
China's online retail giant, Alibaba reported strong Q4 earnings performance.
Both Asian and European stocks closed weaker today.
WTI crude oil closed at $51.42/barrel, up 0.49%.
US 10 Year Bond Yield closed at 1.619%, down 1.10%.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading session, markets were lower. The Dow lost 128.11 points, Nasdaq lost 13.99 points, and S&P lost 5.51 points. Total NYSE volume traded, a modest 3.55 billion shares. Advancing and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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