Wednesday's Market Recap - Dow Up Triple Digits, Nasdaq & S&P Went The Other Way, As Big

What is The Premarket Telling Us?

8:00 AM.

US stock futures are indicating markets may be prepared to add to yesterday's outsized gains. Dow futures are up 70 points, Nasdaq futures up 4 points, and S&P up 2.25 points. Bitcoin, the cryptocurrency has been all the talk in recent days, as its value has been on a tear, hitting $10,000 yesterday, and $11,000 today. Talk of a Bitcoin bubble is gaining some traction.

On The Bond Desk:

The US 10 year bond yield at 2.34%, up one basis point.

Currency Desk:

Euro dollar 1.18

UK Pound at 1.33

Crude Oil:

WTI crude oil futures up $57.73/barrel, down 0.45%.

On the Earnings Calendar:

Tiffany & Co, reported solid Q3 Earnings before the bell this morning. The luxury jeweler topped analyst earnings and revenue expectations.

Apparel brand retailer, PVH (Phillip Van Heusen) will report after the closing bell today.

In M&A News:

None

What About The Asian And European Markets?

Asian markets closed their session mixed; Japan (Nikkei 225) rose 0.49%, Shanghai added 0.13%, Hong Kong (Hang Seng) lower by 0.19%.

European markets were also mixed; Germany DAX up 0.02%, France CAC 40 up 0.14%, and London FTSE 100 down 0.90%.

Market And Sector Dynamics

Stocks opened mixed, with the Dow up 68 points, Nasdaq down 5 points, and the S&P up 2 points. Crude oil is slightly lower, with WTI at $57.88/barrel, down 0.28%.

Markets went their separate ways today, the Dow rocket higher from the open, while the Nasdaq and S&P went the opposite way.

Investors sold off mostly technology stocks like Alibaba, Facebook, and Amazon, choosing to reallocate their proceeds to recently lagging sectors. Basic materials and energy, also sold off during session.

Six of the eleven S&P sectors traded higher today, led by consumer goods, telecommunications services, financials, industrials and healthcare.

Factors Influencing Today's Market

• Crude oil prices were moderately down today. WTI crude oil price closed at $57.37/barrel, down 1.07%.

• The second read shows 3rd Quarter GDP rose 3.3% annualized rate vs 3.0% for the second read.

• Pending Home sales for October rose a better than expected 3.5%, vs the 1.0% expected.

• Tiffany & Co, reported solid Q3 Earnings results.

• This week's EIA status report shows crude oil inventories fell 3.4 million barrels

Market Close Volume Traded And Advance Decline Ratio

When the trading day ended, markets were mixed. The Dow jumped 103.97 points, Nasdaq sank 87.97 points, and the S&P lost a fraction 0.97 of a point. Total NYSE volume traded, 3.89 billion shares. Advancing and Declining were even.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.