Wednesday's Market Recap - Rising 10 Bond Yields Sparks Interest In Bank Shares.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all positive, ahead of the opening bell. Dow futures are up 103 points, Nasdaq futures up 10 points, and the S&P rose 50.50 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.92%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $65.24/barrel, down 0.43%.
On the Earnings Calendar:
Signet Jewelers Ltd. reported a strong first quarter performance, sending shares of the company more than 18% higher.
In M&A News:
Athena Health, CEO Jonathan Bush has stepped down, and reports are the company is for sale. Speculation has it that pressure from hedge fund activists, Elliot Management was behind this action.
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) up 0.38%, Shanghai up 0.03%, Hong Kong (Hang Seng) up 0.53%
Major European markets closed mixed in their session. German (DAX) gained 0.34%, France CAC 40 added 0.06%, London FTSE 100 rose 0.33%.
Market And Sector Dynamics
Stock opened the day solidly higher, with the Dow up 131 points, the Nasdaq rose 11 points, and the S&P rose 8 points. As the 10 year bond yield, inches back near to the 3.00% level. Bank shares are on the move again, and technology shares are continuing the impressive run, of the last few days.
Markets were positive for the entire trading session, and rose steadily from the opening bell to close at the high of the day.
Ten of the eleven S&P sectors closed the day with healthy gains. Basic materials, financials, telecommunication services, healthcare, consumer discretionary, and industrials, were the outperformers. Utilities was the only laggard.
Factors Influencing Today's Market
The US 10 year bond yield ticked higher in today's trading, closing at 2.975%. (Today's range 2.948% - 2.981%).
Crude oil traded modestly lower in today session. WTI crude oil price closed at $65.16/barrel. down 0.55%.
This week's EIA Petroleum Status rose 2.1 million barrels vs a draw down of 3.6 million barrels last week.
Technology and banks stocks were the led the way in today trading.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed all the major indices were solidly higher. The Dow rocketed 346.41 points, Nasdaq rose 51.38 points, and the S&P gained 23.55 points. Total NYSE volume traded, a moderate 3.59 billion shares. Advancing outpaced Decliners almost 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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