Friday's Market Recap - Stock Surge On Optimism That Some Trade Negotiations Could Start Next W
What is The Premarket Telling Us?
7:00 AM.
After yesterday's massive rally, US stock futures are modestly lower. Dow futures down 26 points, Nasdaq up 11 points, and the S&P down 3 points. Asian markets closed mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield ticked up slightly to 2.87%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $65.85/barrel, 0.60%.
On the Earnings Calendar:
Deere beats on both the top and bottom line, but stock fell
Semiconductor companies, NVIDIA, and AMAT reported quarterly results. Both companies beat analyst expectations, but guided lower going forward.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed today. Japan (Nikkei 225) added 0.35%, Shanghai fell 1.34%, Hong Kong (Hang Seng) up 0.42%.
Major European markets were flat to slightly lower today. German (DAX) fell 0.22%, France CAC 40 slipped 0.08%, London FTSE 100 down 0.03%.
Market And Sector Dynamics
Stocks opened the trading session modestly lower, with Dow down 2 points, Nasdaq down 20 points, and the S&P down 2 points. Chipmakers are under pressure, dragged down by Nvidia. Agricultural equipment maker, Deere beat quarterly earnings expectation, but were impacted by rising input costs due to tariffs, on steel.
Investors also remain caution about Turkey, as the president may be considering additional sanctions on that country, which could eventually cause contagion for some already weakened emerging markets.
Stocks turned positive midpoint through the morning session, and gaped higher around 2:00 PM, holding that level into the close.
All eleven S&P sector closed today's session with moderate gains. Real estates, basic materials, consumer discretionary, industrial, telecommunication services and utilities led the session..
Factors Influencing Today's Market
Shares of chipmakers NVDIA fell in today's session, as investors worry about perceived declining growth in technology stocks.
Shares of Facebook, Amazon, Netflix, and Google fell significantly in the session.
Crude oil traded modestly higher in the session. WTI crude oil prices closed at $65.91/barrel, up $0.69%.
This week's Baker Hughes Oil Rig count was unchanged, at 869 total.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were all higher. The Dow gained 110.59 points, Nasdaq rose 9.81 points, and the S&P added 9.44 points. Total NYSE volume traded, a light 2.98 billion shares. Advancing shares outpaced Declining shares more than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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