Tuesday's Market Recap - Talk Of Easing Trade Tensions With China Juices Stocks.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are modestly positive in the early going. Dow futures up 39 points, Nasdaq futures up 8.50 points, and S&P futures up 7 points. Second quarter earning continues to drive markets. Investors are eagerly awaiting Apple's results after the close today.
On The Bond Desk:
The US 10 Year Bond Yield incing up at 2.98%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $69.68/barrel, down 0.64%.
On the Earnings Calendar:
Proctor & Gamble reported better than expected Q2 Earnings results. The company beat earnings, but revenue was slightly less than expected.
Ralph Loren reported solid Q2 Earnings results.
Apple reports Q2 Earnings results after the close of trading today.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets rose modestly today . Japan (Nikkei 225) up 0.04%, Shanghai up 0.26%, Hong Kong (Hang Seng) down 0.52%.
Major European markets were modestly up. German (DAX) 0.10%, France CAC 40 up 0.40%, London FTSE 100 up 0.60%.
Market And Sector Dynamics
Markets opened the trading session with solid gains. The Dow surged 100 points, Nasdaq climbed 25 points, and the S&P rose 7 points. In early trading, market breath is good, with advancing shares outpacing declining share by 3:1.
Stocks remained solidly elevated for the entire trading session. It the high of the day the Dow was up more than 180 points, in a session fueled by better than expected Q2 Earnings, easing of selling pressure on the technology shares, like Facebook and Twitter.
Investors are also anticipating better than earnings performance, this evening, biding the shares higher intraday.
Stocks were also helped by reports attributed to Treasury Secretary, Mnuchin, there may be some back channel talks between China and the US to ease trade tensions.
Eight of the eleven S&P sectors ended the session lower, led by industrials, real estate, utilities, healthcare, basic materials, and consumer discretionary.
Factors Influencing Today's Market
Strong quarterly earnings report from Ralph Lauren.
Better than expected quarterly earnings form Proctor & Gamble.
Positive anticipated quarterly earnings from Apple after the close today.
Crude oil prices fell in trading during the session. WTI crude price closed at $68.76/barrel, down 1.95%.
Asian and European markets were modestly higher in their sessions.
Market Close Volume Traded And Advance Decline Ratio
At the close, the Dow gained 108.36 points, Nasdaq gained 41.78 points, and S&P added 14.07 points. Total NYSE volume traded, a moderate 3.84 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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