Friday's Market Recap - Stocks Down On Covid Weakened Earning & Economic Outlook.
What is The Premarket Telling Us?
7:30 AM.
It appears that yesterday's moderate market selloff will continue this morning. US stock index futures are lower at this hour. Dow futures down 98 points, Nasdaq futures down 117 points, and S&P futures down 15 points. Major Asian markets sold off while we slept.
On The Bond Desk:
The US 10 Year Bond Yield at 0.58%, down 0.02%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $41.26/barrel, up 0.46%.
On the Earnings Calendar:
American Express beats earnings expectation but revenues fell slightly due to the effects of Covid-19 shutdown.
Verizon tops analyst estimate of earnings and revenue.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were solidly lower overnight. Japan (Nikkei 225) down 0.58%, Shanghai down 3.86%, Hong Kong (Hang Seng) down 2.21%.
Major European markets traded moderately lower in their sessions. German (DAX) sank 2.02%, France CAC 40 down 1.54%, London FTSE 100 down 1.41%.
Market And Sector Dynamics
Stocks opened convincingly lower. The Dow sank 165 points, Nasdaq plummeted 166 points, and the S&P fell 22 points. WTI crude oil started the day off mildly up, at $41.22/barrel, up 0.22%, and the US 10 Year Bond hovered around 0.592%.
Markets hung out in negative territory for the entire session. Stocks rebound from the morning low shortly after the open, with the Dow down only 50 points around 11:00 AM. Stock turned lower again during the early afternoon session, the Dow down near 220 points. Stock took another leg lower in the last hour of trading which saw the Dow hitting a new low, down 240 points, with the bear in full control of the day's trading.
Ten of the eleven S&P sectors were modestly lower in the session, led by Technology, Healthcare, Industrials, Utilities, Energy, Real Estate, Financials, Materials, Consumer Staples, Communication Services.
Factors Influencing Today's Market
Mixed quarterly earning results from American Express, due to Covid-19 lockdown.
Verizon reported better than expected quarterly earnings. The company beat earning and revenue expectation.
Both Asian and European markets closed lower today.
US 10 Year Bond Yield closed at 0.587%, up 1.70%.
WTI crude oil closed at $41.29/barrel, up 0.54%.
This week's Baker Hughes US Oil Rig count fell 1 rig to 180 total.
Market Close Volume Traded And Advance Decline Ratio
When the closing bell rang today, the three major indexed were all solidly lower. The Dow slumped 182.44 points, the Nasdaq fell 98.24 points, and the S&P lost 20.03 points. Total NYSE volume traded, a light 3.71 billion shares. Declining shares outpaced Advancing shares almost 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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