Monday's Market Recap - Dow Rockets 410 Points, Adding to Friday's Big Gains.
What is The Premarket Telling Us?
7:30 AM.
US stock futures are elevated this morning. Dow futures up 297 points, Nasdaq futures up 71.75 points, and the S&P was up 36.25 points. Seems investors are hoping to build on Friday's 300 point gains.
On The Bond Desk:
The US 10 year bond yield at: 2.83% , down 0.02% or two basis points
Currency Desk:
Euro dollar at 1.22
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $60.10/barrel, up 1.52%
On the Earnings Calendar:
None
In M&A News:
Executives from Broadcom and Qualcomm, will meet later this week, despite Qualcomm's rejection of Broadcom's sweetened bid. No change in outcome is anticipated.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) closed for National Founding Day. Shanghai up 0.78%, Hong Kong (Hang Seng) down a modest 0.16%.
Major European markets were all higher. Germany (DAX) up 1.45%, France CAC 40 up 1.20%, London FTSE 100 up 1.19%.
Market And Sector Dynamics
Stocks opened the first trading day of the new week, significantly higher. The Dow surged 258 points, Nasdaq rose 63 points, and the S&P up 24 points. Crude oil prices are also higher, with WTI crude price at $60.23/barrel, up 1.74%, helping to push stocks higher.
The US 10 year bond yield sits elevated, at 2.88%, but does not seem to be affecting markets, at least not yet.
Market tone is positive, with nine of the eleven S&P sectors trading higher early in the session. Stock climbed steadily higher during the session, closing just below the high of the day, at the close.
All eleven S&P sectors close the day with gains. Consumer goods, technology, basic materials, energy, industrials, healthcare and utilities were the outperforming sectors.
Factors Influencing Today's Market
Crude oil prices were higher in today's session. WTI crude price was higher for most of the session, closed at $59.38/barrel, up 0.02%.
The range on US 10 year bond yield today was 2.82% - 2.88%, but did not seem to bother the markets.
The VIX, the markets measure of volatility has retreated from the highs of last week, to close at 25.61.
Asian and European markets were mostly higher in their trading. Japan was close for holiday.
Unilever, the consumer giant, has warned Facebook, and Google to clean up their platforms, or they will pull advertising from the platforms.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, all the indexes were higher, adding significantly, to Friday's gains. The Dow surged 410.37 points, Nasdaq gained 107.47 points, and the S&P rose 36.45 points. Total NYSE volume traded, 4.02 billion shares. Advancing shares outpaced Declining shares almost 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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