Friday's Market Recap - Stock Plummet In Broad Based Selloff.
What is The Premarket Telling Us?
7:00 AM.
Stock futures can be described as mixed this morning. Dow futures down 151 points, Nasdaq futures up 47 points, and S&P futures up 3 points. Markets are trying to determine whether the next move should be up or down or sideways, as some investors believe the big technology and related stocks may be overbought.
On The Bond Desk:
The US 10 Year Bond Yield at 0.68%, down 0.01%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $41.08/barrel, up 0.27%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended with gains today. Japan (Nikkei 225) added 0.18%, Shanghai gained 2.07%, Hong Kong (Hang Seng) up 0.47%.
Major European markets closed lower. German (DAX) down 0.70%, France CAC 40 down 1.22%, London FTSE 100 down 0.71%.
Market And Sector Dynamics
As indicated by the futures, US stock started the day mixed. The Dow fell 15 points, Nasdaq gained 60 points, and S&P futures fell 4 points. WTI crude oil up early at $41.06/barrel, up 0.22%, and the 10 Year Bond Yield hovered at 0.682%.
Except for a brief moment around 10:30 AM, when the Dow ticked up 30 points, the market traded negative for the entire session. At the low of the day the Dow was down about 350 points, around 2:20 PM.
The sell off today was broad based and moderately deep. All eleven S&P sector ended the session lower, led by Real Estate, Utilities, Basic Materials, Technology, Consumer Discretionary, Energy, Communication Services, Industrials, Consumer Staples, Financials and Healthcare.
Factors Influencing Today's Market
Investors not convince that there will be additional fiscal stimulus to help maintain the economic recovery.
Asian markets ended with gains on Friday, while European markets were lower.
US 10 Year Bond Yield closed at 0.697%, up 1.21%.
WTI crude oil closed the day at $41.11/barrel, up 0.34%.
This week's Baker Hughes US Oil Rig count fell by 1 to 179 total.
Preliminary read on August Consumer Sentiment came in a better than expected 78.9 vs 75 estimated.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the indexes were lower, but off the lows of the day. The Dow lost 224.56 points, Nasdaq fell 116.99 points, and the S&P lost 37.54 points. Total NYSE volume traded, a very heavy 7.20 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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