Monday's Market Recap - Mixed Session As Some Investors Worry About States Re-opening Too Soon.
What is The Premarket Telling Us?
8:0.0 AM
US stock futures are solidly lower at this moment, with Dow futures down 241 points, Nasdaq down 79 points, and the S&P fell 33 points. Major Asian markets were mostly higher in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 0.68%, up 0.05%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $26.35/barrel, up 0.69%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mostly higher. Japan (Nikkei 225) up 1.05%, Shanghai down 0.02%, Hong Kong (Hang Seng) up 1.53%.
Major European markets were mostly lower. German (DAX) down 0.73%, France CAC 40 lost 1.31%, London FTSE 100 up 0.06%.
Market And Sector Dynamics
Markets were decidedly lower at the open. The Dow lost 220 points, Nasdaq fell 29 points, and the S&P fell 20 points. Market tone is negative, with all eleven S&P sectors trading in negative territory.
WTI Crude Oil is higher, early, currently at $25.30/barrel, up 2.26%, as OPEC production cuts, recently agreed to, starts to happen.
The Dow hung out in negative territory for the entire session, except for a brief moment in the mid afternoon session. Investor are in this glass half full - glass half empty dilemma, as more States and municipalities begin to relax shelter in place restriction, allow certain businesses to gradually open.
Certain days the markets seem very optimistic that business will rebound quickly, and the markets take off. On other days investor appear doubtful about that prognosis, and worry about a second outbreak of the virus, and having to close down again.
Large technology growth stocks dominated markets in today's session allowing the Nasdaq and the S&P 500 to return to positive territory intra-day, both managing to hold on above the flat line.
Trading was mildly negative, with seven of the eleven S&P sectors ending the day with moderate losses, led by Financials, Energy, Basic Materials, Industrials, Real Estate, Utilities, and Consumer Staples. Healthcare, and Technology were sectors were moderately higher in the session.
Factors Influencing Today's Market
Investor uncertainty even as more States relax shelter in place rule, allowing some businesses to open.
Major Asian markets were higher overnight, but European stocks finished lower.
WTI Crude Oil closed the day at $24.14/barrel, down 2.43%.
The US 10 Year Bond Yield closed at 0.707%, up 2.04%.
Market Close Volume Traded And Advance Decline Ratio
Today the markets ended mixed. The Dow fell 109.33 points, Nasdaq gained 71.02 points, and the S&P rose 0.52 a fraction of a point. Total NYSE volume traded, a moderate 4.84 billion shares. Declining shares outpaced Advancing shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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