Tuesday's Market Recap - A Third Day Of Gains, After Last Weeks Volatile Market Correction.
What is The Premarket Telling Us?
7:00 AM.
After yesterday's strong market rally, US stock futures are trending lower this morning, ahead of the start of trading. Dow futures down 181 points, Nasdaq futures down 45.50 points, and S&P futures down 17 points. Markets may be getting ready to give back of of yesterday's gains.
On The Bond Desk:
The US 10 year bond yield at: 2.86% , up 0.03% or three basis points
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.39
Crude Oil:
WTI crude oil futures at $58.93/barrel, down 0.61%
On the Earnings Calendar:
Pepsi, the giant beverage and snack company, reported Q4 Earning results before the bell. The company beat earnings and revenue estimates.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mixed in their session: Japan (Nikkei 225) down 0.65%, Shanghai gained 0.98%, Hong Kong (Hang Seng) rose 1.29%.
European markets closed the day lower. Germany (DAX) down 0.70%, France CAC 40 lost 0.60%, London FTSE 100 off 0.13%.
Market And Sector Dynamics
Stocks opened lower, as predicted by the futures. The Dow fell 100 points, Nasdaq down 19 points, and the S&P down 9 points. Crude oil prices are down, 1.28%, at $58.56/barrel. The US 10 year bond yield is up, at 2.849%, early in the session. The VIX, measure of volatility, at $26.53. Declining shares are outpacing Advancing shares by 4:1
Markets remained lower, until early afternoon, when the markets turned higher, and stayed in positive territory, into the closed.
Despite the negative market tone early in the session, trading was orderly. Eight of the eleven S&P sectors closed the session with gains, led by basic materials, technology, consumer goods, and financials.
Factors Influencing Today's Market
Crude oil price declined in today's session. WTI crude oil closed at $58.95/barrel, down 0.57%.
Better than expected quarterly earnings report from Pepsi.
The VIX remains somewhat elevated at 25, indicating there is still a fair amount of volatility in markets.
The range on the US 10 year bond yield today was 2.84% - 2.85%.
European markets were lower in their session.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, stocks were higher. The Dow gained 39.18 points, Nasdaq gained 31.55 points, and the S&P added 6.94 points. Total NYSE volume traded, a light 3.43 billion shares. Advancing shares outpaced Declining shares better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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