Friday's Market Recap - Fed Chair Sees Continued Strong Economic Outlook. Interest Rate Hike Wil
What is The Premarket Telling Us?
7:00 AM.
Stock futures are all positive this morning. Dow futures are higher by 50 points, Nasdaq futures up 20 points, and the S&P futures up 5.75 points.
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 @ $68.73/barrel, up 1.33%.
On the Earnings Calendar:
Sports apparel retailer, Foot Locker disappointed investors, the company beat earnings, but sales missed expectation.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) up 0.85%, Shanghai up 0.18%, Hong Kong (Hang Seng) down 0.43%.
Major European markets rose in their sessions. German (DAX) gained 0.19%, France CAC 40 rose 0.24%, London FTSE 100 added 0.19%.
Market And Sector Dynamics
US stocks opened in positive territory, ahead of an anticipated speech from Fed Chair Jerome Powell, at the annual Jackson Hole retreat. Investor are hoping to glean some direction on interest rate. Dow gained 32 points, Nasdaq up 29 points, and the S&P rose 5 points.
Markets climbed higher after the open, and gained momentum as the session continued, reaching the high of the day around noon, as talk of a potential framework trade deal with Mexico, seemed more likely.
In his address to central bankers in Jackson Hole, Fed Chair Jerome Powell stated the US economic growth is strong, paving the way for continued gradual interest rate hike.
Ten of the eleven S&P sectors closed today's session with moderate gains, led by basic materials, technology, energy, real estate, telecommunication services, consumer discretionary, and healthcare.
Factors Influencing Today's Market
Talk of a potential bilateral trade deal with Mexico, may be imminent.
Crude oil traded higher in the session. WTI crude price closed at $68.72/barrel, up 1.31%.
This week's Baker Hughes Oil Rig count fell 9 rigs to 860 total.
Asian markets ended mixed, but European markets were higher.
Disappointing earnings results from Foot Locker.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the Dow gained 133.37 points, Nasdaq gained 67.51 points, and the S&P added 17.71 points. Total NYSE volume traded, 2.56 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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