Friday's Market Recap - Dow Gains 330 Points, To End Another Volatile Day And Week Of Trading.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are mixed, two and a half hours before the start of trading. Dow futures are down 15 points, Nasdaq futures up 13 points, and S&P futures up 3.25 points. On Monday we saw the highest points selloff ever, Dow down 1175. Yesterday we saw second highest points, selloff, ever, Dow down 1032 points, its clear that volatility is the only game in town.
On The Bond Desk:
The US 10 year bond yield at: 2.85% , up .01% or one basis points
Currency Desk:
Euro dollar at 1.22
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $60.43 /barrel, down 1.18%
On the Earnings Calendar:
Travel company, Expedia reported disappointing quarterly results, after the closing bell, on Thursday.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were lower; Japan (Nikkei 225) down 2.32%, Shanghai down 4.05%, Hong Kong (Hang Seng) down 3.10%
European markets were. Germany (DAX) down 1.09%, France CAC 40 down1.41%, London FTSE 100 down 1.09%.
Market And Sector Dynamics
At the open, the Dow surged 227 points, Nasdaq climbed 78 points, and the S&P gained 25 points. Led primarily by technology stocks. Stock remained higher for most of the morning session, but dived lower shortly after the noon hour, and kept falling lower, placing the Dow firmly into correction territory, down more than 10%.
Early in the afternoon session the Dow had traversed more than 670 points, from high to low, as market volatility continues, as markets try to find a bottom.
Markets returned to positive territory around 2:30 PM, gaining momentum, even as nervous investors feared another afternoon selloff. A few minutes before the close of trading the Dow was higher, nearly, 600 point.
Ten of the eleven S&P sectors closed with gains, led by technology, utilities, financials, basic materials, healthcare and industriasl, were the outperformers.
Factors Influencing Today's Market
Crude oil fell in today's trading. WTI crude oil price closed at $59.20/barrel, falling 3.19%.
This week's Baker Hughes Oil Rig Count rose 26 to 791 total.
US 10 year bond yield remains firmly at the 2.85% level.
Asian and European markets are significantly lower, in response to our selloff.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading all the major indexes were higher. The Dow gained 330.44 points, Nasdaq rose 97.33 points, and the S&P added 38.55 points. Total NYSE volume traded, 5.65 billion shares. Advancing shares outpaced Declining shares almost 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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