Thursdays Market Recap - Stock Rebound From Post Rate Hike Selloff.
What is The Premarket Telling Us?
7:00 PM.
After yesterday's market selloff shortly before the market closed, this morning's market set up indicates markets should open today's trading session modestly positive. Dow futures are higher by 21 points, Nasdaq futures up 21 points, and S&P futures up 4 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.06%, down 0.04% or for basis points.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at rose 1.02%, to $72.30/barrel.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with moderate losses. Japan (Nikkei 225) fell 0.99%, Shanghai down 0.54%, Hong Kong (Hang Seng) down 0.36%.
Major European markets were moderately higher, in today's session. German (DAX) up 0.40%, France CAC 40 0.50%, London FTSE 100 0.45 %.
Market And Sector Dynamics
Stocks are off to a solid start this morning, after tanking late yesterday, after the Fed quarter point rate hike announcement. The Dow rose 65 points, Nasdaq rose 30 points, and the S&P rose 5 points. Shares of Apple are moving higher early in the session, on an upgrade from JPMorgan analyst, with a target price of $272.00.
WTI continues to move higher as geopolitical concerns loom, with the potential for cut in supply from Iran and Venezuela. WTI currently at $72.19/barrel, up 0.85%.
Stock gained upward momentum during the morning session, with the Dow reaching a high of nearly 160 point, before gradually losing some of that momentum during the afternoon session.
Eight of the eleven S&P sectors closed the day with gains, led by utilities, communications, consumer discretionary, technology, and healthcare. Basic materials, financials, and consumer staples were the laggards.
Factors Influencing Today's Market
JPMorgan analyst upgrade of Apple, with a new price target $272.00.
Crude oil traded higher in today's trading. WTI crude oil closed the day at $72.12/barrel, up 0.77%.
Third estimate of 2nd Qtr. GDP came in at 4.2% unchanged from the second read.
Initial Jobless Claims rose up 12,000 to 214,000 claims.
Pending Home sales for August came in weaker than expected at (-1.80% vs 0 or unchanged) estimate.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading markets were mostly higher, the Dow rose 54.65 points, Nasdaq gained 51.60 points, and the S&P rose 8.03 points. Total NYSE volume traded, Declining shares outpaced Advancing shares by 1.25:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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