Tuesday's Market Recap - Strong Earnings And Higher 10 Yr Bond Yield Pushed Stock Higher.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately elevated this morning, suggesting markets will open in positive territory. Dow futures are up 87 points, Nasdaq up 12 points, and S&P futures up 6 points, as the Q2 earnings cavalcade approaches its peak this week.
On The Bond Desk:
The US 10 Year Bond Yield continues to tick up, at 2.96%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.31
Crude Oil:
WTI crude oil futures higher at $68.40/barrel, up 0.75%.
On the Earnings Calendar:
Alphabet (Google) reports stellar Q2 Earnings results after the bell yesterday evening. Share are up big in the premarket.
Online broker, TD Ameritrade all beat analyst earnings and revenue estimates, after the close yesterday as well.
3M beats analyst Q2 earnings and revenue expectations before the market open this morning.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) rose 0.51%, Shanghai up 1.61%, Hong Kong (Hang Seng) gained 1.44%.
Major European markets also surged higher in their session. German (DAX) up 1.12%, France CAC 40 up 1.04%, London FTSE 100 rose 0.70%.
Market And Sector Dynamics
Markets opened with gains. The Dow surged 125 points, Nasdaq gained 70 points, and the S&P was up 60 points. Shares of bank moved higher early, as the US 10 year bond ticked up near to that 3% level. Crude oil prices were moderately higher, with WTI crude at $68.11/barrel, up 0.34%.
Stocks remained solidly elevated for the entire trading session, as investors waved off worries regarding trade tension, geopolitical worries, at least for today.
Nine of the eleven S&P sectors closed the day with gains, led by telecommunications services, energy, basic materials, healthcare, technology, and industrials. Consumer discretionary sector was lower.
Factors Influencing Today's Market
Crude oil traded moderately higher today. WTI crude oil price closed at $68.52/barrel, up 0.93%.
The US 10 year bond yield ticked higher, nearing the 3% level, pushing up bank stocks.
Strong Q2 Earning results from Alphabet (Google) was positive for markets today.
3M also beats Q2 Earnings expectations, but share of the company fell in the session.
Major Asian and European markets were higher in their respective session.
Investor remain optimistic about Q2 earning season, so far.
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day. The Dow rose 197.65 points, Nasdaq slipped 1.10 points, and S&P was rose 13.42 points. Total NYSE volume traded, 3.39 billion shares. Declining shares outpaced Advancing shares by 1.20:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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