Friday's Market Recap - Stocks Soar As US 10 Yr Bond Yield, And VIX, Moderates.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are moderately elevated ahead of the start of trading. Dow futures are up 96 points, Nasdaq futures up 22 points, and the S&P futures up 6.75 points.
On The Bond Desk:
The US 10 year bond yield at: 2.92% , down 0.01% or one basis points.
Currency Desk:
Euro dollar at 1.23
UK Pound at 1.39
Crude Oil:
WTI crude oil futures at $62.52 /barrel, down 0.40%
On the Earnings Calendar:
HP Inc, and Hewlett Packard Enterprises, reported strong quarterly performance, after the close yesterday. Shares of both company are trading higher in the premarket.
In M&A News:
General Mills announced this morning that it is is buying pet food company, Blue Buffalo, for $8 Billion in cash.
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) up 0.72%, Shanghai up 0.63%, Hong Kong (Hang Seng) gained 0.97%.
European markets closed the day mixed. Germany (DAX) up 0.18%, France CAC 40 up 0.15%, London FTSE 100 down 0.11%.
Market And Sector Dynamics
Stocks opened well into positive territory. The Dow gained 142 points, Nasdaq gained 51 points, and the S&P gained 16 points. Market breath is strong, with advancing shares outpacing declining ones by seven to one. Share of technology companies is leading the way higher.
Stocks remained at these elevated level for most of the morning and early afternoon session. Stocks gaped higher, as the US 10 year yield, and the VIX, moderated, helping to convince investors, that another afternoon selloff was unlikely to happen.
By 1:30 PM the Dow was up 203 points, and continued to climb higher, into the close.
Market tone was positive, with all eleven S&P sector closing the day with gains, led by consumer goods, utilities, energy, technology, healthcare, telecommunications services, financials, and basic materials.
Factors Influencing Today's Market
Crude oil traded higher in today's session. WTI crude oil closed at $63.55/barrel, up 1.24%.
This week Baker Hughes Oil Rig count rose 1 to 799 total. The fifth straight week of additions.
Today's close on the the 10 year bond yield 2.871%. Intraday range 2.862% - 2.893%
The volatility index VIX has moderated, closing at 16.49. Intraday range 16.47 - 18.80
Strong quarterly earning results from HP Inc., and Hewlett Packard Enterprises.
General Mills announced it buying Blue Buffalo.
Market Close Volume Traded And Advance Decline Ratio
All the major indices were significantly higher at the close of trading. The Dow surged 347.51 points, Nasdaq jumped 127.31 points, and the S&P gained 43.34 points. Total NYSE volume traded, a light 3.22 billion shares. Advancing shares outpaced Declining shares nearly 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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