Thursday's Market Recap - Stock Surge Higher In Today's Session, Thanks To Strong Earning Fr
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately positive. Dow futures up 41 points, Nasdaq futures up 36.25 points, and the S&P up 5.25 points. Facebook reported stellar earnings performance after the close yesterday, and shares of the company are up more that 8% in the premarket. Asian markets were mostly lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 3.02%.
Currency Desk:
Euro dollar: 1.21
UK Pound: 1.39
Crude Oil:
WTI crude oil futures up $68.33/barrel, up 0.41%.
On the Earnings Calendar:
Strong quarterly performance from Microsoft and Intel.
Bristol Myers also reported better than expected results. The company beats both earnings and revenue estimates.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed lower. Japan (Nikkei 225) rose 0.47%, Shanghai down 1.38%, Hong Kong (Hang Seng) down 1.06%.
Major European markets were up today. German (DAX) gained 0.63%, France CAC 40 rose 0.74%, London FTSE 100 added 0.57%.
Market And Sector Dynamics
Stocks open the day solidly higher, with the Dow gaining 84 points, Nasdaq up 60 points, and the S&P up 11 points. Blowout earning results from social media giant, Facebook, and Qualcomm, after the close yesterday.
Markets remained in positive territory for the entire trading session. Today, investors did not seem too concerned about the US 10 year bond yield, which traded briefly, above the 3% level during the session. Instead they focused on the blowout earnings performance, from Facebook, which lifted the shares, of the other large technology companies. A solid day for the bulls.
Market tone was positive. Nine of the eleven S&P sectors closed the day with gains. Technology, consumer discretionary, energy, healthcare, real estate, and utilities, were the out-performers. Telecommunications services, and industrials were the laggards.
Factors Influencing Today's Market
Blowout earnings performance from Facebook was a major catalyst for markets today.
The US 10 year did hit the 3% mark for a brief period intra-day, but it did not invoke investor fear.
Crude oil traded modestly higher in today's session. WTI crude price closed at $68.19/barrel, down 0.21%.
Asian markets were mostly lower, and European markets were higher.
This week's Initial Jobless Claims fell 24,000 to 209,000.
Market Close Volume Traded And Advance Decline Ratio
At the close of today's trading, all the major indexes ended in positive territory. The Dow gained 238.51 points, Nasdaq rose 114.91 points, and the S&P rose 27.54 points. Total NYSE volume traded, 3.60 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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