Stocks tumbled on Thursday as a slew of leery headlines left
buyers on the sidelines. The S&P 500 lost 2.5%, dropping into negative
territory for the year (-1.1%) and extending its week-to-date decline to 3.9%,
while the Nasdaq and the Dow tumbled 2.4% and 2.9%, respectively.
Steel and aluminum stocks ended the day sharply lower, heading into and following Trump's Chinese tariff announcement.
Price action for the day is as follows:
- Steel: CMC -12.3%, X -11%, TS -10%, AKS -9%, STLD -8%, TMST -7.4%, ZEUS -7%, RS -7%, NUE -7%, MT -6%, SLX -6%, WOR -5%, SCHN -4.1%
- Aluminum: CENX -18%, AA -6.3%, ARNC -6.1%, CSTM -5%, ACH -5%, KALU -3%, BLL -2%
Today after the close the following companies are scheduled to report: JAG, HOME, MU, CTAS, NKE, SGH, KBH.
Futures are mixed after hours: S&P 500 futures are +0.75 from the fair value of 2646 and Nasdaq100 futures are -8.25 from fair value of 6703.
Tomorrow morning, economic reports scheduled to be released include: Durable Orders (08:30am ET, consensus 1.5% vs. -3.7% in the prior month), Durable Goods --ex transportation (08:30am ET, consensus 0.6% vs. -0.3% in the prior month).
Tomorrow before the open the following companies are scheduled to report earnings: WPRT
Looking at the energy markets:
The EIA released its weekly natural gas storage data.
Natural gas inventory showed a draw of 86 bcf, vs. a draw of 93 bcf in the prior week, which was a bit smaller of a draw than expected, pressuring prices some.
Working gas in storage was 1,446 Bcf as of Friday, March 16, 2018, according to EIA estimates. This represents a net decrease of 86 Bcf from the previous week. Stocks were 667 Bcf less than last year at this time and 329 Bcf below the five-year average of 1,775 Bcf. At 1,446 Bcf, total working gas is within the five-year historical range.
Today, Apr natural gas settled $0.02 lower at $2.62/MMBtu.