Friday's Market Recap - After Morning Selloff Stocks Ends With Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately down this morning. Dow futures down 106 points, Nasdaq futures down 27 points, and S&P futures down 14 points. Asian markets ended mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.62%, down 0.04%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $28.08/barrel, up 0.65%.
On the Earnings Calendar:
None
In M&A News:
Reports are: Retailer JCPenny could file for Chapter 11 Bankruptcy protection soon.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) gained 0.62%, Shanghai slipped 0.07%, Hong Kong (Hang Seng) down 0.14%.
Major European markets closed with gains. German (DAX) up 1.24%, France CAC 40 added 0.11%, London FTSE 100 rose 1.01%.
Market And Sector Dynamics
Markets opened decidedly lower, with the Dow shedding 177 points, Nasdaq declining 89 points, and the S&P down 24 points. WTI crude oil is off to a good start at $28.55/barrel, up 3.46%, and the US 10 Year Bond sitting at 0.604%.
Market came under additional selling pressure, with all eleven S&P sectors down in the early going, and market tone is quite negative. At the low of the day, the Dow was down 270 points.
Tensions with China is flaring up again, as the Administration is considering additional restrictions on the Chinese company, Huawei, to prevent it from using US technology.
Stocks started to trend higher shortly after midday, and returned to positive territory attaining the high of the day Dow up almost 100 points around 2:30 PM.
The rally fairly balanced, with six of the eleven S&P sectors closed the day with gains, led by Communication Services, Consumer Discretionary, Basic Materials, Consumer Staples, Healthcare, and Technology. Utilities, Financials, Real Estate, Industrials, and Energy.
Factors Influencing Today's Market
China tension appears to be flaring up again spooking the markets early.
US 10 Year Bond Yield closed at 0.644%,up 4.46%.
European markets had a solid day of gains.
Crude oil prices continue to rise. WTI crude oil closed at $29.71/barrel, up 7.80%.
This week's Baker Hughes Oil Rig Count fell 35 to 339.
Market Close Volume Traded And Advance Decline Ratio
Today was another good day for the bulls. After falling sharply at the open markets rebounded to finish higher. At the closed the Dow gained 60.08 points, Nasdaq gained 7.84 points, and the S&P was up 11.20 points. Total NYSE volume traded,
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments