Thursday's Market Recap - Stocks Up On Strong Economy And Seem Accepting Of A September Interest
What is The Premarket Telling Us?
7:00 PM.
US stock futures are very elevated and continues to strengthen, this morning suggesting stocks will triple digits higher at the open. Dow futures up 158 points, Nasdaq futures up 43 points, and S&P futures up 12 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.06%, up one basis point.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $71.22/barrel, up 0.64%.
On the Earnings Calendar:
None
In M&A News:
Investors learnt this morning that the Comcast, Disney $35 Billion bid for Fox's Sky assets, will be done via an auction, to be held this weekend. The results should be in by Saturday afternoon.
What About The Asian And European Markets?
Major Asian markets mixed overnight. Japan (Nikkei 225) gained 0.01 %, Shanghai down 0.06%, Hong Kong (Hang Seng) rose 0.26%.
Major European markets were solidly higher in today's session. German (DAX) gained 0.88%, France CAC 40 gained 1.07%, London FTSE 100 rose 0.49%.
Market And Sector Dynamics
US stocks opened the trading day convincingly higher, extending the gains of yesterday. The Dow surged 170 points, Nasdaq jumped 44 points, and the S&P rose 13 points. Both the Dow and S&P are at new record highs, as Dow Dupont, Caterpillar, and American Express soaring, early. Crude prices were also up, with WTI crude at $71.59/barrel, up 0.65%.
Investors are looking past tariffs, rising US 10 year bond at 3.07%, and a potential Fed rate hike next week, relying instead on the strength of US economy, continues good corporate earnings, and a welcome slightly weaker US Dollar.
Today's rally was broad based and positive. Ten of the eleven S&P sectors closed the session with solid gains, led by technology, consumer stapled, basic materials, healthcare, financials, real estate, and consumer discretionary.
Another solid day for the bulls.
Factors Influencing Today's Market
Stocks rally on a strong US economic growth and anticipated strong corporate third quarter earning.
Crude oil was slightly lower in today's session. WTI crude oil closed at $70.80/barrel, down 0.45%.
US 10 year closed its at 3.08%, holding convincingly above the 3 percent level for the last few days.
This week's Initial Jobless Claims fell 3000 to 201,000, a fifty year low.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were significantly higher. The Dow surged 251.22 points, (a new all time high), Nasdaq gained 78.19 points, and the S&P gained 22.80 points (a new all high). Total NYSE volume traded, a moderate 3.30 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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