Friday's Market Recap - Stocks Shook Off Disappointing Employment Number To Close Higher.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mildly positive ahead of the start of trading. Dow futures are up 11 points, Nasdaq futures up 6.25 points, and the S&P up 1.25 point. Investors undoubtedly, will be keeping an eye on the Employment number, due out at 8:30 AM.
On The Bond Desk:
The US 10 Year Bond Yield at 2.99%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $68.93/barrel, down 0.04%.
On the Earnings Calendar:
Regeneron Pharmaceutical reported better than expected Q2 earnings and revenues, which is helping the healthcare sector.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) added 0.06%, Shanghai lower by 1.00%, Hong Kong (Hang Seng) down 0.14%
Major European markets closed with gains. German (DAX) rose 0.55%, France CAC 40 up 0.33%, London FTSE 100 1.10 up %
Market And Sector Dynamics
Stocks opened the trading day flat to mixed as investor contemplate whether earning or worries about trade tensions and tariffs will rule the day. A few minutes after the open the Dow rose 27.38 points, Nasdaq was down 3.87 points, and the S&P added 1.77 points.
Markets climbed steadily during the session, as investors seemed to push trade problems to the background, preferring to focus on the strength of corporate earnings.
Ten of the eleven S&P sectors closed the session with gains, led by real estate, consumer staples, utilities, telecommunication services, materials, healthcare, and financials. Energy was the laggard in today's session.
Factors Influencing Today's Market
The Employment number for July came in at 157,000 vs 190,000, which was lower than expected, but the May & June number were revised higher.
Crude oil prices moved lower in the session. WTI crude oil price closed at $68.49/barrel, down 0.68%.
This week's Baker Hughes Oil Rig count fell 2 rigs to 859
European markets closed the day higher in their session.
Market Close Volume Traded And Advance Decline Ratio
When the trading day ended, markets were moderately higher. The Dow gained 136.42 points, Nasdaq added 9.32 points, and the S&P gained 13.13 points. Total NYSE volume traded, a modest 3.01 billion shares. Advancing shares outpaced Declining shares by 1.43:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments