Thursday's Market Recap - A Euphoric 200 Point Rally, As Companies Indicate How They Will Share

What is The Premarket Telling Us?

7:00 AM.

US stocks futures are mildly positive this morning. Dow futures are up 19 points, Nasdaq futures up 5.25 points, and S&P futures up 2.25 points. Asian markets closed mixed to lower, and Europe is looking weak, early.

On The Bond Desk:

US 10 year bond yield at 2.55%, unchanged.

Currency Desk:

Euro dollar at 1.19

UK Pound at 1.34

Crude Oil:

WTI crude oil futures at $63.92/barrel, up 0.55%.

On the Earnings Calendar:

Delta Airlines reported better than expected 4th. Qtr. financial results. The airline beat both earnings and revenue expectation, and increase its 2018 guidance by 20% due to the new tax reform law.

Major US banks begins reporting tomorrow.

In M&A News:

None.

What About The Asian And European Markets?

Asian close higher today. Japan (Nikkei 225) was down 0.33%, Shanghai rose 0.10%, Hong Kong (Hang Seng) up 0.15%.

European markets closed mostly lower. Germany (DAX) down 0.59%, France CAC 40 lost 0.29%, and London FTSE 100 rose 0.19%.

Market And Sector Dynamics

Stocks opened today's session moderately positive, with the Dow gaining 55 points, Nasdaq up 14 points, and the S&P up 5.5 points. Investors are cheering two positive pieces of news. First, Walmart reported it will be increasing employee wages, and offering bonuses to some employees, as a result of the recently enacted tax cut plan. In a separate statement the company also announced it will be closing 63 Sam Clubs Stores, which could mean layoff thousands of employees.

Stocks rose steadily from the opening to the closing bell, as investors have become convinced, that tax reform will be huge for boon US corporation, and the US economy. Rising crude oil prices was also a positive catalyst for stocks during the session.

Ten of the eleven S&P sectors closed the day with solid gains, led by energy, basic materials, consumer goods, industrials, telecommunications services, financials, and technology.

Factors Influencing Today's Market

• Crude oil prices rose in the session. WTI crude oil price closed at $63.80/barrel, up 0.36%.

• Better than expected 4Q earning result from Delta Airlines, including a raise in 2018 guidance.

• Walmart's announcement that it will increase employee wages, and provide bonuses for some employees.

• The US 10 year bond yield is holding on at the upper range of its recent highs.

Market Close Volume Traded And Advance Decline Ratio

At the close of trading the Dow rocketed 205.60 points, Nasdaq jumped 58.21 points, and the S&P rose 19.33 points. Total NYSE volume traded, a moderate 3.61 billion shares. Advancing shares outpaced Declining share nearly 4:1.

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