Tuesday's Market Recap - Dow Surges Triple Digits As Turkey's Lira Jumps Five Percent.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately higher two and a half hours before the opening bell. Seems like investors are cheering a modest recovery of the Turkey's currency, the Lira. Dow futures are up 86 points, Nasdaq futures up 31.75 points, S&P futures added 9.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.88%.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.27
Crude Oil:
WTI crude oil futures sits at $67.84/barrel, up 0.95%.
On the Earnings Calendar:
Home Depot reported better than expected quarterly earnings. Shares traded higher early in today's session.
Tapestry (Formerly Coach) also reported better than expected quarterly earnings.
CISCO reports earnings after the bell this afternoon.
Markets learned today that Warren Buffet/Berkshire has increased its stake in Apple.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) gained 2.28%, Shanghai down 0.18%, Hong Kong (Hang Seng) fell 0.66%.
Major European markets ended the day flat. German (DAX) was unchanged %, France CAC 40 fell 0.16%, London FTSE 100 fell 0.40%.
Market And Sector Dynamics
Stocks opened the trading day higher, with the Dow up 70 points, Nasdaq rose 23 points, and the S&P gained 11 points. WTI crude oil is higher, early at $68.17/barrel, up 1.46%. Better than expected earnings performance from Tapestry, is a positive for markets, in the early going.
Investors seems to have put the Turkey problem on the back burner, at least for today. Stocks pushed higher after the open,, and remained triple digits higher for the entire trading session.
Market tone was solidly positive, with all eleven S&P sectors closing the session with gains. Consumer discretionary, financials, basic materials, telecommunications services, industrials, and consumer staples, and technology were the outperformers.
Factors Influencing Today's Market
Turkey's currency problem was pushed to the back burner today, as the Lira climbed 5%, easing tensions at least for today.
Crude oil fell modestly in the session. WTI crude oil closed at $67.04/barrel, down 0.24%.
Home Depot beats quarterly earnings expectations. Shares of the company traded higher early, but closed the session down.
Tapestry (Coach) also beat quarterly earnings expectation, and was a positive catalyst for the retail sector.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, the Dow gained 112.22 points, Nasdaq gained 51.19 points, and S&P rose 18.03 points. Total NYSE volume traded, 2.94 billion shares. Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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