Wednesday's Market Recap - Stocks Surged For A Second Day After Better Than Expected Earnings Fr
What is The Premarket Telling Us?
7:00 PM.
Happy Halloween! US stock futures are significantly in positive territory two and a half hours before the opening bell. Dow futures are up 261 points, Nasdaq futures up 155 points, and the S&P futures up 35 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.11%, up 0.02%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $66.44/barrel, down 1.70%.
On the Earnings Calendar:
Social Media giant, Facebook reported better than expected Q3 Earning results after the close yesterday. The company handily beat earnings estimates, but revenues were just shy of expectations, and user metrics were acceptable. Investors cheered the results, and shares of the company ticked higher.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed higher in their session . Japan (Nikkei 225) up 2.16%, Shanghai up 1.35%, Hong Kong (Hang Seng) up 1.60%.
Major European markets also closed with gains. German (DAX) gained 1.31%, France CAC 40 up 2.31%, London FTSE 100 gained 1.31%.
Market Direction And & Sector Dynamics
Will it be Trick or Treat? Stocks started the trading session with a treat for bullish investors. The Dow surged 230 points, at the open, Nasdaq rose 115 points, and the S&P gained 28 points. Investors are cheering better than expected quarterly earnings performance from social media giant, Facebook, and shares of the company are surging, taking along nearly all big technology stocks.
Markets managed to hold on to the gains of the morning, and jumped higher in the afternoon session with the Dow hitting a high of 450 points shortly before the close.
Eight of the eleven S&P sectors closed the day with gains, led by technology, communications services, consumer discretionary, financials, basic materials, and industrials.
Factors Influencing Today's Market
Better than expected Q3 Earning report from Facebook was a strong catalyst for markets today.
October ADP Private Sector Payroll shows the private sector created 227,000 jobs.
This week's EIA Petroleum Status Report show a 3.2 million barrels, inventory build vs the prior week's 6.3 million barrels.
Major Asian and European markets also closed the day higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of the days trading the Dow gained 241.12 points, Nasdaq gained 144.25 points, and the S&P rose 29.11 points. Total NYSE volume traded, a solid 5.03 billion shares. Advancing shares outpaced Declining shares 1.5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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