Wednesday's Market Recap - Stock Closed Higher On The Back Of Soaring Crude Oil Prices.
What is The Premarket Telling Us?
7:00 AM.
US stock futures is a sea of green this morning, ahead of the opening bell. Dow futures are up 115 points, Nasdaq futures up 18 points, and the S&P futures up 10.75 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.97%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.35
Crude Oil:
WTI crude oil futures sits at 70.90/barrel, 2.66%.
On the Earnings Calendar:
Disney quarterly performance, beats analyst earnings and revenue estimates.
In M&A News:
Walmart is buying Indian grocery chain, Skipcart.
What About The Asian And European Markets?
Major Asian markets were mostly higher in their session. Japan (Nikkei 225) down 0.44%, Shanghai 0.07%, Hong Kong (Hang Seng) up 0.44%
Major European markets were all higher. German (DAX) 0.24%, France CAC 40 0.23%, London FTSE 100 1.28%.
Market Direction & Sector Dynamics
Stocks opened the trading day moderately higher, with the Dow up 60 points, Nasdaq rose 8 points, and the S&P up 8 points. WTI crude oil price is also higher by 2.4%, at $70.72/barrel. News of Walmart's plan to buy India's online grocery, Skipcart, in a deal worth $16 Billion.
Half an hour after the opening bell, the Dow was up 107 points, as the S&P now seems to be breaking out of important technical levels, to the upside. Technology shares, financial shares, and chipmakers are the ouperformers early in the session.
Market took a leg higher around noon, and did not look back, even as the US 10 year bond yield climbed back over the 3% mark, for the first time in three weeks. By 2:30 PM the Dow was at 227 points a new intraday high.
Nine of the eleven S&P sectors, close the session with solid gains. Energy, financials, basic materials, technology, and telecommunication services, were the outperformers.
Factors Influencing Today's Market
Rising WTI crude oil prices was a key on influence on markets today. WTI crude price closed higher at $71.14/barrel, up 3.01%.
The US 10 year bond yield closed above the 3% in today's session, for the first time in three weeks.
Walmart is buying India's online grocery chain Skipcart.
Disney beats quarterly earning performance.
This week's EIA Status Report shows crude oil inventories fell by 2.2 billion.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session, the markets were solidly higher. The Dow surged 182.33 points, Nasdaq gained 73 points, and the S&P rose 25.87 points. Total NYSE volume traded, a moderate 3.83 billion shares. Advancing shares outpaced Declining shares almost 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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