Thursday's Market Recap - Dow Up 400 Points On Potential Trade Talks With China.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are up big at this hour, suggesting we could have a strong market open. Dow futures up 159 points, Nasdaq futures up 53 points, and the S&P up 14 points. Asian markets were lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.85%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $64.98/barrel, down 0.05%
On the Earnings Calendar:
CISCO reported strong quarterly earnings after the closed yesterday. Shares of the company are moving markets
Walmart posted stellar earning results before the opening bell, and also guided higher.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mostly lower overnight. Japan (Nikkei 225) down 0.05%, Shanghai down 0.66%, Hong Kong (Hang Seng) down 0.82%.
Major European markets traded with gains in today's session. German (DAX) rose 0.61%, France CAC 40 gained 0.83%, London FTSE 100 added 0.78%.
Market And Sector Dynamics
Markets rocketed higher at the opening bell, on news that low level trade talks could resume with China, sometime next week. The Dow rose 270 points, Nasdaq rose 46 points, and the S&P rose 18 points. Shares of Walmart and Cisco are leading markets today, after posting strong quarterly earnings results. Shares of Boeing are also pushing higher on the news of potential trade talks with China. All 30 Dow component stocks are traded higher in the early going.
Stocks remained elevated, gradually, gaining momentum for the entire trading session, as investors focused on positive corporate earnings, perhaps better relations with China, and less concern about Turkey (at least for today).
All eleven S&P sectors closed the day with gains, led by telecommunication services, consumer staples, financials, industrials, utilities, healthcare, real estate, basic materials, and energy.
Factors Influencing Today's Market
CISCO reported a strong quarterly results, and was a big contributor to the Dow today.
Walmart reported stellar quarterly performance before the bell this morning, shares are up 10%.
Crude oil traded modestly higher today. WTI crude oil closed the day at $65.46/barrel, up 0.69%.
This week's Initial Jobless Claims fell 2000 to 212,000 total claims.
Market Close Volume Traded And Advance Decline Ratio
At the end of the session markets were all higher. The Dow surged 396.32 points, Nasdaq jumped 32.41 points, and the S&P up 23.32 points. Total NYSE volume traded, 3.16 billion shares. Advancing share outpaced Declining shares by 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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