Monday's Market Recap - Stocks Continue Friday's Rally, With Another Triple Digit Gain.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are significantly elevated this morning, suggesting stocks will be triple digit higher at the open. Dow futures up 230 points, Nasdaq futures up 108.75 points, and the S&P rose 29.25 points. Major Asian markets were higher overnight, and European markets are mostly higher early.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.90%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.33
Crude Oil:
WTI crude oil futures lower at $65.35/barrel, down 0.70%.
On the Earnings Calendar:
Abercrombie and Fitch reported a narrower than expected first quarter loss, and beat analyst sales expectation. Shares of the company are higher in the premarket.
In M&A News:
Microsoft announced it is buying GitHub, in a stock deal worth $7.50 Billion.
What About The Asian And European Markets?
Major Asian markets closed the session mixed. Japan (Nikkei 225) 0.14%, Shanghai rose 0.52%, Hong Kong (Hang Seng) 1.66%
Major European markets closed the day with gains. German (DAX) 0.37%, France CAC 40 0.14%, London FTSE 100 0.51%
Market And Sector Dynamics
US stocks opened the trading day higher. The Dow rose 138 points, Nasdaq rose 21 points, and the S&P gained 9 points. Shares of technology stocks, like Amazon, Alibaba, Twitter, are driving markets higher.
Stocks remained elevated in the for the entire session, as investors shook off, any concerns about tariffs, announced by the US on our allies, Canada, Mexico, and the European Union. In addition, Commerce Secretary, Wilbur Ross's visit to China over the weekend, came up empty.
Markets tone was very positive, which saw the Nasdaq surpassing its old high. Seven of the eleven S&P sectors closed the day with gains, led by consumer discretionary, real estate, consumer staples, information technology, and materials. Energy and utilities were the laggards in the session.
Factors Influencing Today's Market
Crude oil traded lower today. WTI crude oil price closed at $64.95/barrel, down 1.25%.
Microsoft plan to acquire GitHub in a stock deal worth $7.50 billion.
Better than expected first quarter results from Abercrombie & Fitch.
Asian and European markets were mostly higher in today's session.
US allies Canada, Mexico, and the European Union, are pushing back on potential sanction levied on them by the Trump administration.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were higher, adding to last Friday's gains. The Dow gained 178.48 points, Nasdaq rose 52.13 points, and the S&P added 12.25 points. Total NYSE volume traded, a moderate 3.33 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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