Friday's Market Recap - Dow Surges To New Record High As US China Trade Fears Subsides.
What is The Premarket Telling Us?
7:00 PM.
Stock futures were modestly positive this morning, suggesting bullish investors want to add to the rally of the last three day. Asian markets were convincingly higher in their sessions overnight. While US China trade tension remains in the background, markets have chosen to focus on market fundamentals, and corporate earnings, pushing the Dow and the S&P to new record highs.
British Prime Minister, Theresa May announced this morning that Brexit negotiations between her and the EU, are at an impasse.
On The Bond Desk:
The US 10 Year Bond Yield at 3.07%, down one basis point.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $71.
On the Earnings Calendar:
Semiconductor Chip maker, Micron Technologies, beat quarterly earnings, but guidance was lower than expected, and the company did some concerns about tariffs.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with strong gains overnight. Japan (Nikkei 225) gained 0.82 %, Shanghai surged 2.50%, Hong Kong (Hang Seng) gained 1.73%.
Major European markets were solidly higher today's session. German (DAX) gained 0.85%, France CAC 40 gained 0.78%, London FTSE 100 soared 1.67%.
Market And Sector Dynamics
Stocks opened for trading with moderate gains. The Dow was up 60 points, Nasdaq up 13 points, and the S&P up 7 points. Both the Dow and the S&P at new record highs. Crude prices are also moving higher, with WTI crude oil at $71.03/barrel, up 1.00%, early in the session.
Markets remained moderately elevated for the morning session, gaping higher around noon, with the Dow reaching 100 points, the high of the day.
Stocks pulled back slightly during the afternoon session, as investor took some profits going into the weekend.
Six of the eleven S&P sectors closed today's session with gains, led by telecommunication services, energy, utilities, industrials, and consumer staples. Financials, technology, basic materials, and healthcare were the lagging sectors.
Factors Influencing Today's Market
Another positive day for the Dow as investor forego tariff worries and focus on market fundamentals.
Crude oil prices were basically unchanged in today's trading. WTI crude oil closed at $70.78/barrel, down 0.03%.
This week's Baker Hughes US Oil Rig count fell 1 to 866 total.
Micron Technology handily beat quarterly earnings, but guidance was lower than expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mixed. The Dow gained 86.52 points, Nasdaq fell 41.28 points, and the S&P slipped 1.08 points. Total NYSE volume traded, a options expiration heavy 5.46 billion shares. Advancing and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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