Friday's Market Recap - A Robust Rebound After A Two Day 1300 Point Selloff.
What is The Premarket Telling Us?
7:00 PM.
US stock futures are all higher early in the premarket, suggesting we could have a robust rebound, after the massive 1300 point selloff of the last two days. Dow futures are up 241 points, Nasdaq up 117 points, and S&P up 29 points. Asian markets were rebounded last night
There are indications that housing may be slowing due to rising interest rates, pricing many first time home buyers out of the market.
On The Bond Desk:
The US 10 Year Bond Yield at 3.13% down .09% or nine basis points.
Currency Desk:
Euro dollar: 1.15
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $71.50/barrel, 0.75%.
On the Earnings Calendar:
JPMorgan, Citibank, and Wells Fargo reports 3rd Quarter Earnings results before the bell.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed higher. Japan (Nikkei 225) gained 0.46%, Shanghai rose 0.91%, Hong Kong (Hang Seng) gained 2.12%.
Major European markets fell modestly in today's session. German (DAX) down 0.16%, France CAC 40 down 0.20%, London FTSE 100 lost 0.13%.
Market And Sector Dynamics
Market jump off to a strong start this morning. The Dow rose 400 points, Nasdaq gained 180 points, and the S&P up 42 points. Strong earnings reports from big banks, JPMorgan, CitiBank, and Wells Fargo, is a positive catalyst for markets, and helping to propel markets higher.
Boeing and Visa, Amazon, JPMorgan, CitiBank and big the shares of big technology companies were the outperformers, early in the session. At the high of the day the Dow was up 414 points. Shares of the major banks jumped higher early in the session, but faded, a short while later.
Stocks gradually lost ground during the morning session, eventually turning negative early in the morning session, with the Dow down 52 points. Markets recovered momentum, shortly after 2:00 PM, climbing back significantly, almost getting back to the morning highs.
Market breath and tone was positive, with ten of the eleven S&P sectors ending the day higher, led by technology, consumer discretionary, communication services, healthcare, industrials, consumer staples, and basic materials.
Factors Influencing Today's Market
Strong Q3 Earnings reports from JPMorgan, CitiBank, and Wells Fargo was an early catalyst for markets today.
Crude oil traded modestly higher. WTI crude oil closed at $71.34/barrel, up 0.52%.
This week's Baker Hughes Oil Rig count rose 8 to 869 total.
October Consumer Sentiment came in at 99.0 slightly lower than the 100.1 in September.
US 10 year bond yield moderated today - trading range 3.13% - 3.17%, and closed at 3.14%.
Asian markets closed higher, including China.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, stock had recovered some of losses of the previous two days. The Dow surged 287.16 points, Nasdaq gained 167.83 points, and the S&P rose 37.67 points. Total NYSE volume traded, a solid 3.94 billion shares. Advancing shares outpaced Declining shares by 1.35:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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