Tuesday's Market Recap - Dow Adds Another 200 Point Plus Gain Based On Strong Corporate Earnings
What is The Premarket Telling Us?
7:00 AM.
US stock futures are significantly elevated. Dow futures are up 152 points, Nasdaq up 35 points, and the S&P up 13.75 points. Markets seem intent to extend yesterday's rally, driven primarily by strong earning results from Netflix, and major US banks.
Today is also 'Tax Day,' the final day for Americans to file their 2017 tax returns.
On The Bond Desk:
The US 10 Year Bond Yield 2.83%
Currency Desk:
Euro dollar: 1.23
UK Pound: 1.43
Crude Oil:
WTI crude oil futures sits at $66.31/barrel, up 0.14%
On the Earnings Calendar:
Netflix reported strong first quarter earning results, including strong subscriber growth in the US and internationally.
Goldman Sachs reported strong earning performance. Handily beating earnings, and revenues, including strong trading results.
United Healthcare handily beats first quarter earnings expectation.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets finished their session lower: Japan (Nikkei 225) up 0.06%, Shanghai down 1.14%, Hong Kong (Hang Seng) down 0.83%.
Major European markets closed with gains. German (DAX) up 1.57%, France CAC 40 up 0.76%, London FTSE 100 up 0.39%.
Market And Sector Dynamics
Stocks opened the trading day higher. The Dow surged 220 points, Nasdaq gained 51 points, and the S&P up 16 points. Healthcare stocks are moving higher, early, helped by strong quarterly results by United Healthcare, Goldman Sachs, and Netflix.
Markets remained at elevated levels for the entire trading session, with the Dow reaching a intraday high of more than 300 points.
Ten of the eleven S&P sectors closed the session with gains, led by technology, consumer discretionary, real estate, basic materials, and utilities. Financials were modestly lower in the session.
Factors Influencing Today's Market
Strong earnings results from Netflix, United Healthcare, and Goldman Sachs.
Crude oil prices traded modestly higher during the session. WTI crude oil price closed at $66.52/barrel, up 0.45%.
March Residential Housing Starts jumps to a 1.319 million annualized rate.
Asian markets closed lower, while European markets ended with gains.
Market Close Volume Traded And Advance Decline Ratio
The Dow soared 213.59 points a the close, the Nasdaq gained 124.81 points or (1.74%). Total NYSE volume traded, a moderate 3.11 billion shares. Advancing shares outpaced Declining shares at 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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