Friday's Market Recap - Dow With Triple Digit Gains Investors Shook Off Trade Tensions.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately positive for this morning's market setup. Dow futures up 114 points, Nasdaq futures up 28 points, and S&P futures up 13 points. All eyes are on OPEC this morning as the cartel could decide to increase production, to replace shortfall from Venezuela and Iran.
On The Bond Desk:
The US 10 Year Bond Yield at 2.90%.
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $66.26/barrel, up 1.10%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) down 0.78%, Shanghai rose 0.49%, Hong Kong (Hang Seng) up 0.15%.
Major European markets were solidly. German (DAX) up 0.54%, France CAC 40 up 1.34%, London FTSE 100 gained 1.67%.
Market And Sector Dynamics
The markets opened moderately higher, with the Dow adding 65.27 points, Nasdaq up 27 points, and the S&P up 11 points. Shares of banks are on the rise early, after passing the Feds annual stress tests, announced yesterday after the closing bell.
Stocks remained for the entire trading session. Market tone was positive, as investors, at least for today, shook off the fears of rising trade tensions.
Eight of the eleven S&P sectors closed the session with gains. Energy, basic materials, telecommunications services, consumer staples, and real estate, were the outperformers on the upside. Financials, and consumer discretionary were lower.
Factors Influencing Today's Market
Crude oil prices traded solidly higher in the session. WTI crude prices closed at $68.58/barrel, up 4.64%, as OPEC increased its oil production target much less than was anticipated.
This week's Baker Hughes Oil Rig count fell 1 to 862 rigs.
Asian markets ended mixed, while European markets were all higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading the Dow gained 119.19 points, Nasdaq lost 20.14 points, and the S&P added 5.12 points. Total NYSE volume traded, a heavy 5.0 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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