Friday's Market Recap - A Mixed Session Based On Strong Quarterly Earnings From Proctor & Ga
What is The Premarket Telling Us?
7:00 PM.
Base on the US stock futures this mornings market set up is very positive. Dow futures up 72 points, Nasdaq futures up 33 points, and the S&P up 7 points. China's market rebound last night on a 6.5% rise on GDP, which although slightly lower that expected, investors took it as positive.
On The Bond Desk:
The US 10 Year Bond Yield at 3.18%
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $69.08/ up 0.63%.
On the Earnings Calendar:
Quarterly earnings surprise form consumer staple company, Proctor & Gamble.
Better than expected quarterly earnings from Honeywell.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mixed. Japan (Nikkei 225) down 0.56%, Shanghai up 2.58%, Hong Kong (Hang Seng) up 0.42%.
Major European markets mixed in today's session. German (DAX) down 0.31%, France CAC 40 off 0.63%, London FTSE 100 rose 0.32 %.
Market And Sector Dynamics
Stocks jumped off to a positive start this morning, based on surprising strong earnings from Proctor & Gamble, and Honeywell. China's GDP rose 6.5% vs the 6.7% estimated. Although GDP number was slightly short of expectations, markets took it as a positive. The Dow gained 42 points, Nasdaq rose 45 points, and the S&P up 7 points.
Markets continued to climb after the open, with the Dow up 200 points, early in the morning session, the high of the day.
Volatility picked up in the afternoon session as the Dow retreated and bounced near, or off the flat line on a few occasions, but managed to hold on to a fraction of the morning rally, into the close.
Market tone was mostly even, and orderly, with six of the eleven S&P sectors closing with moderate gains, led by consumer staples, utilities, real estate, and financials. Healthcare, consumer discretionary, energy, and financials were lagged in the session.
Factors Influencing Today's Market
Unexpected bounce in China markets overnight as reports show China's GDP grew 6.5% vs 6.7% expected.
Strong quarterly earnings from consumer staple, Proctor & Gamble, and also industrial giant, Honeywell.
Crude oil rose modestly in trading today. WTI crude oil closed at $69.12/barrel, up 0.68%.
This week's Baker Hughes US Oil Rig count rose 4 to 873 rigs.
September Existing Home Sales were weaker than expected at 5.15 million vs 5.300 estimated. Housing has been softening.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading stocks were lower. The Dow gained 64.89 points, Nasdaq fell 36.11 points, S&P lost 1 point. Total NYSE volume traded, a moderate 3.54 billion shares. Declining shares and Advancing shares were basically even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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