Thursday's Market Recap - Mixed Session. Dow Up Triple Digits, Nasdaq Mildly Lower, As Volatilit
What is The Premarket Telling Us?
7:00 AM
Stock futures are most flat early in the premarket. Dow futures up 5 point, Nasdaq futures up 4 points, and S&P up 6.25 points. Investors are still trying to figure out the potential effects of an environment where yields are rising, and how the Feds will react.
On The Bond Desk:
The US 10 year bond yield at: 2.94% , up 0.05% or 5 basis points.
Currency Desk:
Euro dollar at 1.22
UK Pound at 1.38
Crude Oil:
WTI crude oil futures at $61.44 /barrel, down 0.39%
On the Earnings Calendar:
HP Inc., and Hewlett Packard Enterprises, report quarterly results after the closing bell this evening.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed overnight. Japan (Nikkei 225) down 1.07%, Shanghai up 2.17%, Hong Kong (Hang Seng) down 1.48%.
European markets were mixed to lower. Germany (DAX)slipped 0.07%, France CAC 40 up 0.13%, London FTSE 100 down 0.40%
Market And Sector Dynamics
Stocks opened the trading day moderately higher, with the Dow surging 150 points, Nasdaq up 40 points, and S&P up 15 points, ten minutes after the open. Crude oil is also up modestly, in early trading.
The 10 year bond yield, which had ticked up to 2.96% earlier, retreated to 2.92% shortly after the open, encouraging investors to push stock higher.
Shortly before noon, markets were at the highs of the day, with the Dow up more than 350 points. Stocks gradually retreated from those highs in the afternoon session, but did manage to hold on to around half of the morning's gains.
Despite the afternoon selloff, markets were orderly, and tone was positive. Seven of the eleven S&P sectors closed up on the session.
Consumer goods, basic materials, industrials, and utilities, were the outperformers.
Factors Influencing Today's Market
The 10 year bond close the day at 2.917%. Intraday range 2.904% - 2.928%.
The volatility index VIX ended the day a bit lower, at 18.72. Intraday range 18.07 - 20.61.
Crude oil closed moderately lower today. WTI crude oil price closed at $62.66/barrel, up 1.59%.
This week's Initial Jobless Claims fell 7000 to 226,000 total. Nearly a forty five year low.
This week's EIA Petroleum Status Report showed crude oil inventories fell 1.6 million barrels, to 420.5 million barrels. A positive for crude oil prices
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, stock were mixed. The Dow surged 164.70 points, Nasdaq lost 8.34 points, and the S&P added 2.63 points. Total NYSE volume traded, a moderate 3.49 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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