Friday's Market Recap - Dow Down Modestly After Four Solid Days Of Gains.
What is The Premarket Telling Us?
US stock futures may be taking a breather this morning, after three days of sharp post-election gains. While futures improved after a better than expected job report, the indication is that stock will be lower at the start of trading.
On The Bond Desk:
The US 10 Year Bond Yield at 0.763%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $38.43/barrel, down 2.55%.
On the Earnings Calendar:
CVS Healthcare reported better than expected earnings before the opening bell this morning..
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.91%, Shanghai down 0.24%, Hong Kong (Hang Seng) up 0.07%.
Major European markets ended mixed on Friday. German (DAX) fell 0.70%, France CAC 40 fell 0.46%, London FTSE 100 up 0.07%.
Market And Sector Dynamics
Stocks opened the trading day moderately lower. The Dow fell 115 points, Nasdaq down 89 points, and the S&P lost 15 points. WTI crude oil also trended lower, at $38.03/barrel, down 1.96%, and the US 10 Year Bond Yield tick up to 0.827%.
Stock traded below the flat line for the entire trading session. The Dow fell 200 point early, the intraday low around 10:30 AM. The market rebounded from the morning lows, but remained volatile for the rest of the session, briefly popping into positive territory, a few minutes before the close of the session, before falling back below the flat line.
In today mixed session, six of the eleven S&P sectors ended with modest losses, led by Energy, Financials, Real Estate, Consumer Discretionary, Utilities, and Communication Services. Consumer Staples, Technology, Basic Materials, Healthcare and Industrials ended modestly lower.
Factors Influencing Today's Market
No decision on who won the presidency as yet. Ballots are still being counted in a few key states.
CVS Healthcare reported better than expected quarterly results.
October Employment report shows the economy grew 638,000 and the unemployment rate fell to 6.9%.
Asian and European markets ended mixed to mostly lower.
US 10 Year Bond Yield closed at 0.827%, down 0.41%.
WTI crude oil price closed at $37.94%, up 0.42%.
This week's Baker Hughes US Oil Rig count jumped 5 to 221 total.
Market Close Volume Traded And Advance Decline Ratio
Markets ended Friday mixed, with the Dow down 66.78 points, Nasdaq rose 4.30 points, and the S&P fell 1.01 point. Total NYSE volume traded, a moderate 4.86 billion shares. Declining shares outpaced Advancing shares by 1.59:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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