Wednesday's Market Recap - Up. Strong 4.2% Read On Q2 GDP And Optimism About US Canada Trade Tal
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed in the early in the premarket. Dow futures are down 14 points, Nasdaq futures up 10 points, and the S&P up a fraction (0.25).
On The Bond Desk:
The US 10 Year Bond Yield at 2.88%, up 0.03% or (3 basis points).
Currency Desk:
Euro dollar: 1.16
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $68.84/barrel, up 0.45%
On the Earnings Calendar:
Dick's Sporting Goods reported disappointing quarterly earnings. The company beat earnings expectation, but sales missed. The company blamed Under Armour's expended distribution channels.
Salesforce reports quarterly earning after the closing bell today.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mixed overnight . Japan (Nikkei 225) gained 0.15%, Shanghai fell 0.31%, Hong Kong (Hang Seng) rose 0.23%.
Major European markets also closed mixed in their session. German (DAX) gained 0.27%, France CAC 40 up 0.30%, London FTSE 100 down 0.71%.
Market And Sector Dynamics
Stocks opened the trading session with modest gains. The Dow opened up 19 points, Nasdaq up 14 points, and the S&P up 3 points. Technology stocks are helping the markets, early, as investors await the result of traded talks between the US and Canada.
Stocks gradually climbed higher in the morning session, as investors anticipate a positive outcome from US - Canada trade talks currently underway. Stock remained at the upper end of the days trading was for the rest of the session.
Eight of the eleven S&P sectors ended the trading day with gains, led by consumer discretionary, technology, basic materials, healthcare, energy, and utilities. Telecommunication services was the laggard today.
Factors Influencing Today's Market
Strong read on Second Quarter GDP came in at 4.2% vs 4% estimated.
Investors confidence that a trade deal between the US - Canada will get worked out before Friday's deadline.
Crude oil was solidly higher in today's trading. WTI crude oil price closed at $69.51/barrel, up 1.43%.
Disappointing Q2 revenue miss from Dick's Sporting Goods.
Pending Home Sales fell 0.7% in July, pointing to some weakness in the sector.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow rose 60.55 points, Nasdaq rose 79.65 points, and the S&P gained 16.52 points. Total NYSE volume traded, 2.77 billion shares. Advancing shares outpaced Declining shares nearly 1.5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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