Tuesday's Market Recap - Stocks Rebound Convincingly From Correction Levels.
What is The Premarket Telling Us?
7:00 PM.
The US stocks futures are all red at this hour, indicating markets are inclined to be lower at the open. Dow futures are down 254 points, Nasdaq futures down 140 points, and S&P futures down 17.25 points. The busy and important earnings week continues.On The Bond Desk:
The US 10 Year Bond Yield 3.09%, up 0.01%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $66.64/barrel, down 1.41%.
On the Earnings Calendar:
GE reported quarterly earning, detailed its restructuring plan, and cut its dividends to 1cent per share.
Beverage giant, Coca Kola beats Q3 earnings and revenue.
Facebook reports quarterly earnings after the bell this evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed . Japan (Nikkei 225) up 1.45%, Shanghai gained 1.02%, Hong Kong (Hang Seng) down 0.91%.
Major European markets were also mostly lower today's session. German (DAX) down 0.42%, France CAC 40 down 0.22%, London FTSE 100 added 0.14%.
Market Direction And & Sector Dynamics
Stock started the trading day mildly lower, on negative news surrounding GE earnings, and continued weakness in the big tech stocks such as Amazon. Dow down 14 points, Nasdaq down 45 points, and the S&P fell 3.50 points.
Stocks turned around shortly after the open, with the Dow up100 points. By 10:00 AM, Dow was up 210 points, Nasdaq up 60 points, and the S&P up 25 points, after the consumer confidence report came in at 137.9 vs 138.4, originally reported for September.
Markets hit a new intraday high around noon, and continued to climb higher into the afternoon session, with the Dow up over 500 points
Today's rally was broad based, and market tone was positive. All 11 S&P sectors closed the session with solid gains, led by communication services, energy, basic materials, industrials, consumer staples, real estate, financials, and technology.
Factors Influencing Today's Market
Disappointing earnings from General Electric (GE), including cutting of its dividend to 1 cent/share.
Better than expected earnings from Coca Cola. The company beats both earnings and revenue expectations.
Consumer confidence came in a respectable 137.9, slightly less than the 136.3 consensus estimate.
Crude oil traded moderately lower today. WTI crude oil closed at $66.18/barrel, down 1.28%.
Asian markets were mixed, with Shanghai up more than 1%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the indices were up big. The Dow surged 431.72 points, Nasdaq gained 111.36 point, and the S&P 41.38 points. Total NYSE volume traded, a solid 5.04 billion shares. Advancing shares outpaced Declining shares by 2.33:1.
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Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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