Wednesday's Market Recap. Dow Higher After Volatile Session, As Investor Digest Fed Action, Priv
What is The Premarket Telling Us?
6:30 AM.
US stock futures are going the other way this morning. The indices are all higher. Dow futures up 81 points, Nasdaq futures up 16 points, and the S&P up 8 points.
On The Bond Desk:
US 10 year bond yield at 2.73%, up 0.03% or three basis points.
Currency Desk:
Euro dollar at 1.24
UK Pound at 1.41
Crude Oil:
WTI crude oil futures at $64.18/barrel, down 0.50%.
On the Earnings Calendar:
Boeing reported strong 4Qtr. Earnings results.
Facebook reports 4Qtr. Earnings results after the closing bell.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mixed today. Japan (Nikkei 225) down 0.83%, Shanghai down 0.21%, Hong Kong (Hang Seng) up 0.86%.
Major European markets closed mixed. Germany (DAX) down 0.06%, France CAC 40 up 0.15%, London FTSE 100 down 0.72%.
Market And Sector Dynamics
Stocks opened the trading session significantly higher, with the Dow up 230 points, Nasdaq up 45 points, and the S&P up 12 points.
After falling in yesterday's trading, Boeing reported strong quarterly earning, sending shares of the company more than six percent higher early in the session. A strong read on January ADP Private Payroll show 234,000 private sector jobs were created, and this is helping to push stocks up.
At the high of the day the Dow was up more than 260 points, early in the morning session, before shaving about 100 points off the morning high, but holding on the remainder for most of the trading session, until after 2:00 PM, when the Fed announced their decision to leave interest rates at existing levels, at the last meeting Chaired by Dr. Janet Yellen, the outgoing Chair.
Some investors read the Fed as being a bit more hawkish, leading the market to selloff, sending the major indices into negative territory.
Market recovered during the last hour of trading. Eight of the eleven S&P sectors ended the day lower, led by Utilities, real estate, technology, energy, industrials, and financials.
Factors Influencing Today's Market
Crude oil traded modestly higher in the session. WTI crude oil close at $64.88/barrel, up 0.59%.
This week's EIA Petroleum Status Report shows Crude oil inventory rose 6.8 million gallons. The first rise in 11 weeks.
Strong 4 Qtr. Earnings results from Boeing. The company beat earnings and revenue expectations, and raised guidance.
January ADP Private Payroll increased 234,000 new private sector jobs.
Federal Reserve left rates unchanged at today's meeting, but seem on track to hike rates 3 to 4 times this year.
Market Close Volume Traded And Advance Decline Ratio
At the close of the final trading day of January, stocks were moderately higher. The Dow rose 72.50 points, Nasdaq up 9.00 points, and the S&P added 1.38 point. Total NYSE volume traded, moderate 4.19 billion shares. Advancing and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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