Monday's Market Recap - Stocks Surge Higher On Record Holiday Retail Sales.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are solidly green at this point in the premarket, suggesting markets will open in positive territory. Dow futures are up 263 points, Nasdaq futures up 109 points, and the S&P rose 31 points. It's Cyber Monday, the first Monday after the Thanksgiving Holiday, one of the biggest days for online retailers. So far, Black Friday, the day after Thanksgiving, showed record sales. The entire weekend also showed record sales.
On The Bond Desk:
The US 10 Year Bond Yield at 3.05%, down 0.01% or one basis point.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.28
Crude Oil:
WTI crude oil futures sits at $50.90/barrel, up 0.95%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mostly higher. Japan (Nikkei 225) up 0.76%, Shanghai down 0.14%, Hong Kong (Hang Seng) gained 1.73%
Major European markets closed higher, as Prime Minister, Theresa May has signed off on a deal with the European Union.
German (DAX) gained 1.45%, France CAC 40 rose 0.97%, London FTSE 100 up 1.20%.
Market And Sector Dynamics
Markets got off to a strong start. The Dow rose 220 points, Nasdaq gained 85 points, and the S&P was up 26 points. Record Black Friday and Thanksgiving sales appears to be juicing market, as retailers are outperforming expectations, both in store and online.
In addition, investors perceive that the markets are oversold, after the massive selloff in October, and November, so far.
Crude oil is also rebounding, currently sitting at $51.63/barrel, up 2.90%, helping the shares of energy related companies. Half an hour after the opening bell, the Dow was up 352 points, Nasdaq up 110 points, and the S&P was up 35 points,
All eleven S&P sectors are trading solidly higher early in the session, as investors seems to have cast aside all fears, assuming that the Fed will moderate the pace of interest rate hikes, and the President could get some sort of deal done with the Chinese President, when they meet at the G20 Summit in Argentina, later this week.
Today's rally was broad based, and market tone was positive. All eleven S&P sectors ended the session with solid gains. Consumer Discretionary, Technology, Financials, Consumer Services, Energy, Basic Material, Healthcare, and Industrials, led markets higher.
Factors Influencing Today's Market
Crude oil continues to rebound. WTI crude oil closed at $51.63/barrel. up 2.40%.
Asian and European markets closed higher.
Prime Minister May, and the European Union signed off on a Brexit deal.
Record retail and Online sales for the Thanksgiving Holiday season.
Investor expecting some easing of US China trade tensions, when the President meets with the Chinese President at G20.
US 10 year bond yield remains contained at 3.07% at session end.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were higher, the Dow surged 354.29 points, Nasdaq jumped 142.87 points, S&P gained 40.89 points. Total NYSE volume traded, a moderate 3.42 billion shares. Advancing shares outpaced Declining shares about 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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