Friday's Market Recap - Stocks Closed Mixed But Higher For The Week.
What is The Premarket Telling Us?
8:00 AM.
The status of this morning's futures are mixed. Dow futures down 106 points, Nasdaq futures up 26 points, and the S&P up 6 points. Asian markets ended mostly lower.
On The Bond Desk:
The US 10 Year Bond Yield at 0.66%, down 0.02%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $33.09/barrel, down 0.84%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded slightly lower. Japan (Nikkei 225) fell 0.18%, Shanghai added 0.22%, Hong Kong (Hang Seng) lost 0.74%.
Major European markets ended solidly lower. German (DAX) fell 1.65%, France CAC 40 lost 1.59%, London FTSE 100 down 2.29%.
Market And Sector Dynamics
The trading day started off mixed. The Dow lost 138 points, Nasdaq rose 10 points, and the S&P fell 10 points. Stocks are responding to weaker than expected US economic data, showing April's Chicago Purchasing Managers Index (PMI) at 32.3 vs 40 expected, as well as the Consumer Sentiment Index coming in at 72.3 vs 74 expected. Crude oil which has been on a steady rise, is looking weaker early, with WTI crude sitting at $32.97/barrel, down 2.14.
On the earnings front Ulta Beauty, make up retailed that has dominated the beauty segment, for the selfie generation, reported disappointing quarterly earnings. The company missed both earnings and revenue, being severely impacted by shut down for the pandemic.
The Dow remained depressed for the entire session, but rebounded an hour before the close, briefly returning to positive territory, before settling just short of the flat line.
Today's session was mostly balanced, with seven of the eleven S&P sectors ending with gains, led by Healthcare, Technology, Utilities, Communication Services, Consumer Discretionary, Consumer Staples, and Basic Materials. Financials, Real Estate, Industrials, and Energy were today's laggards.
Factors Influencing Today's Market
May's Chicago PMI was a weaker than expected 32.3 vs 40 (expected).
May's Consumer Sentiment Index also weaker than expected at 72.3 vs 74 points.
Ulta Beauty missed both earnings and revenue expectations.
Asian and European markets finished the day with losses.
WTI crude oil closed at $35.49/barrel, up 5.28%.
This week's Baker Hughes US Oil Rig count fell 15 rigs to 222 total.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended the day mixed today. The Dow fell 17.53 points, Nasdaq gained 120.88 points, and the S&P gained 14.58 points. Total NYSE volume traded, a heavy 7.40 billion shares. Declining shares slightly outpaced Advancing shares by 1.08:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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