Friday's Market Recap - Despite Blow Out Earning By Amazon, Markets Fails To Hang On To Early Ga
What is The Premarket Telling Us?
8:30 AM.
US stock index futures are mixed to mostly lower, with Dow futures down 42 points, Nasdaq futures up 32 points,
and the S&P futures lower by 1 point. Strong earning results from Amazon, Chipotle, and Microsoft should be a positive for markets today.
On The Bond Desk:
The US 10 Year Bond Yield at 2.98%
Currency Desk:
Euro dollar: 1.20
UK Pound: 1.37
Crude Oil:
WTI crude oil futures @ $67.99/barrel, down 0.29%.
On the Earnings Calendar:
Amazon, Chipotle and Microsoft, reported strong quarterly results after the closing bell yesterday.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets close their sessions with gains. Japan (Nikkei 225) 0.66%, Shanghai up 0.23%, Hong Kong (Hang Seng) up 0.91%.
Major European markets also closed with gains. German (DAX) gained 0.64%, France CAC 40 up 0.54%, London FTSE 100 rose 1.09%.
Market And Sector Dynamics
Stock opened the trading session mixed with the Dow modestly in negative territory, Nasdaq up 60 points, and the S&P up 3 points.
Except for a few flashes above the flat line throughout the session, the Dow hung out in negative territory all day. Technology shares, like Amazon, and Microsoft, began the session significantly, to the upside, but moderated as the session progresses.
Seven of the eleven S&P sectors close the session with gains, led by telecommunications services, real estate, utilities, consumer staples, and consumer discretionary.
Factors Influencing Today's Market
First Quarter GDP rose 2.3% vs 2.90% for the 4th. Qtr.
Stellar quarterly earnings performance from Amazon, was a strong positive catalyst of markets today.
Better than expected earnings from Chipotle
US 10 year bond yield remained just below the 3.00% level in today's trading. Intra-day range 2.955% - 2.983%.
Crude oil closed modestly lower. WTI crude oil price closed at $68.02/barrel, down 0.25%.
This week's Baker Hughes Oil Rig Count added 5 rigs for a total of 825.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, markets were mixed. The Dow fell 11.15 points, Nasdaq added 1.12 point, and the S&P rose 2.97 points. Total NYSE volume traded, a moderate 3.20 billion shares. Advancing shares outpaced Declining shares 1.35:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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