S&P 500 tumbled 3.2% on Tuesday, catalyzed by waning optimism in trade
negotiations between the U.S. and China and concern over future economic
growth, which was signaled by the drop in U.S. Treasury yields. A technical
breach of the S&P 500's 200-day moving average (2762.32) also contributed
to some selling.
NOTE: As a reminder, the stock market will be closed on Wednesday to honor the late George H.W. Bush.
The following companies were scheduled to report earnings earnings this afternoon: HPE, HQY, GWRE, MDB, OLLI, ZS, MRVL, ESTC.
Futures are mixed after hours: S&P 500 futures are +0.88 vs. fair value of 2,701 and Nasdaq-100 futures are -3.79 vs. fair value of 6,799.
Tomorrow morning, economic reports scheduled to be released include: MBA Mortgage Applications Index (Consensus NA).
The following companies are scheduled to report earnings tomorrow morning: BF.B, JW.A.
Looking at the energy market:
API petroleum data for the week ended November 30 was released after the close today:
- Crude Inventories had a build of 5.36 million
barrels (consensus called for a draw of just under 1 million)
- Prior week had a build of 3.453 million barrels
- Gasoline Inventories had a build of 5.36 million barrels
- Prior week had a draw of -2.620 million barrels
- Distillate Inventories had a build of 4.32 million barrels
- Prior week had a build of +1.185 million barrels
- Cushing had a build of +1.44 million barrels
- Prior week had build of +1.302 million barrels
Then, due to the U.S. stock market being closed tomorrow,
the weekly EIA oil storage data will be released on Thursday at 11:00am ET, instead
of on Wednesday at 10:30am ET.
And then on Thursday, December 6, don't forget the OPEC meeting that will be held in Vienna, Austria. OPEC and key non-OPEC oil producers will decide if they will follow through a production cut or not