Tuesday's Market Recap - Dow Up Moderately On Strong Retail Sales.
What is The Premarket Telling Us?
7:00 AM.
This morning's market set up is looking positive. Dow futures up 50 points, Nasdaq futures up 19.50 points, and S&P up 4.75 points. Asian markets were higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.82%.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $66.95/barrel, up 0.78%.
On the Earnings Calendar:
Kohl's handily beats quarterly earnings performance, on both the top and bottom line.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) up 0.09%, Shanghai rose 1.31%, Hong Kong (Hang Seng) gained 0.56%.
Major European markets closed mixed. German (DAX) up 0.43%, France CAC 40 up 0.54%, London FTSE 100 fell 0.34%.
Market And Sector Dynamics
When trading began, the major indices jumped higher. The Dow gained 28 points, Nasdaq rose 19 points, and the S&P added 4.46 points. Strong earning report from Kohl's, and hints of movement on the trade negotiations, with China and Mexico helped market early.
Stock traded moderately elevated during the morning session, and gained momentum during the afternoon session, before cutting those gain after news of the Manafort conviction, in Virginia, and the Michael Cohen plea deal in the New York southern district, which implicated the President, in a campaign finance violation.
Seven of the eleven S&P sectors closed the trading session with gains, led by consumer discretionary, industrials, telecommunication services, energy and basic materials. Real estate, consumer staples, and utilities, were than main laggards.
Factors Influencing Today's Market
Strong quarterly earnings performance from Kohl's adding to the excellent performance of others retailers this quarter, suggesting the retail consumer is in good shape.
Crude oil rose moderately today. WTI crude oil closed at $67.35/barrel, up 1.38%.
Asian markets traded higher overnight, with Shanghai up well over 1%.
Paul Manafort's conviction in Virginia, and Michael Cohen's plea deal in New York.
Market Close Volume Traded And Advance Decline Ratio
At the close of today's session, the Dow gained 63.60 points, Nasdaq rose 38.16 points, and the S&P rose 5.91 points. Total NYSE volume traded, a modest 3.08 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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