Disappointing Earnings Fuel Stock Dump
MrTopStep | Jul 19, 2019 01:35AM ET
- In Asia 8 out of 11 markets closed lower: Shanghai Comp -1.04%, Hang Seng -0.46%, Nikkei -1.97%
- In Europe 9 out of 13 markets are trading lower: CAC +0.02%, DAX -0.54%, FTSE -0.48%
- Fair Value: S&P +2.91, NASDAQ +19.06, Dow -13.80
- Total Volume: 1.03 million ESU & 174 SPU traded in the pit
*As of 7:00 a.m. CST
Today’s Economic Calendar:
Today’s economic calendar includes the 52-Week Bill Settlement, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET, Leading Indicators 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, John Williams (NYSE:WMB) Speaks 2:15 PM ET, Fed Balance Sheet & Money Supply 4:30 PM ET.
S&P 500 Futures: ES Down 2 In A Row
During Tuesday nights Globex session, the S&P 500 futures (ESU19:CME) printed a high of 3013.00, a low of 3003.25, and opened Wednesday’s regular trading hours (RTH) at 3007.25.
After the 8:30 CT bell, the ESU popped to double top at 3009.25, then started to trade lower. By 9:45, it had bottomed out at 2993.75, and did some back-and-filling up to 3002.50.
From there, the futures quieted down, trading in a 5 handle range for the rest of the morning, and into the afternoon.
When the final hour of trading came around the markets really started to move, slowly at first, then pretty violently. By the time the MiM reveal came out showing over $500 million to sell, the ES had traded down to 2992.00.
Get The News You Want
The futures continued to break, and went on to print 2987.00 on the 3:00 cash close, and 2985.25 on the 3:15 futures close, down -22 handles on the day.
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