Wednesday's Market Recap. The Dow Rose Modestly, While The Nasdaq And S&P Were Lower.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are pointing to a higher opening this morning. Dow futures are up 67 points, Nasdaq futures up 5.5 points, and the S&P futures added 3.75 points. An important piece of retail news was announced by Toys R US this morning. The company announced that it is closing 180 stores. Recall, the toy retailed had previously filed for bankruptcy, prior to last holiday season.
On The Bond Desk:
US 10 year bond yield at 2.62%, down 0.04% or four basis point.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.41
Crude Oil:
WTI crude oil futures at $64.68/barrel, up 0.33%.
On the Earnings Calendar:
General Dynamics reported strong 4 Qtr. performance, after surge in Gulfstream G650 Jet orders.
United Technologies rise on surge in revenue outlook.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets endured a mixed session . Japan (Nikkei 225) down 0.76%, Shanghai up 0.37%, Hong Kong (Hang Seng) 0.09%.
Major European markets were all lower today. Germany (DAX) down 1.07%, France CAC 40 down 0.72%, London FTSE 100 down 1.14%.
Market And Sector Dynamics
Markets opened significantly higher, with the Dow up 100 points, Nasdaq rose 13.66 points, and the S&P rose 7.47 points.
Strong 4 Quarter Earning results from United Technologies, and General Dynamics, is helping to push stocks higher, and so is rising crude oil prices.
After jumping to a great start, stocks began to lose momentum, midpoint through the morning session. Just after 1:00 PM, stocks hit market lows, with the Dow well into negative territory.
Eight of the eleven S&P sectors closed with gains. Today's outperformers were energy, consumer goods, telecommunications services, technology, financials, and healthcare.
Factors Influencing Today's Market
Crude oil prices rose in today's session. WTI crude oil price closed at $65.61/barrel, up 1.77%.
Strong 4 Qtr. Earnings results from United Technologies, and General Dynamics.
The US 10 Year bond yield continue to hold on to the 2.60% level.
The US dollar continues to weaken, which is a positive for oil prices, and US competitiveness, abroad.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading stocks ended mixed. The Dow rose 41.31 points, Nasdaq fell 45.23 points, S&P down1.59 point. Total NYSE volume traded, 4.00 billion shares. Declining shares outpaced Advancing shares better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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