Monday's Market Recap - Stocks Surge On Possible Truce Between The US And China.
What is The Premarket Telling Us?
7:00 AM.
The US market setup is looking very positive this morning, after what appears to be a cease fire, coming out of the dinner meeting between the US President and China's President Xi, in Argentina, over the weekend. US stock futures up 457 points, Nasdaq futures up 154 points, and the S&P futures up 40 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.01%, down .03%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $52.89/barrel, up 3.86%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were higher overnight. Japan (Nikkei 225) rose 1.00%, Shanghai up 0.42%, Hong Kong (Hang Seng) jumped 2.55%
Major European markets recorded solid gains. German (DAX) up 1.85%, France CAC 40 up 1.00%, London FTSE 100 1.18%
Market And Sector Dynamics
Stocks powered higher from the opening bell. The Dow surged 420 points, Nasdaq surged 153 points, and the S&P gained 39 points. on new that President Trump, and President Xi had called a trade truce at the dinner meeting in Argentina. Even crude oil has joined the party, with WTI crude oil at $53.15/barrel, up 4.32%.
Stock remained in positive territory for the entire trading session, losing some of its morning momentum midpoint through the session. The rally was broad based, with all sectors showing healthy gains.
Ten of the eleven S&P sectors closed the session higher, led by Energy, Consumer Discretionary, Technology, Industrials, and Utilities.
Factors Influencing Today's Market
The dinner meeting between President Trump and China's President Xi, appears to have yielded a truce on trade tariffs.
Global markets were all higher in their respective sessions. Asian and Europe ended higher.
Crude oil rose in the session. WTI crude oil closed at $52.95/barrel, up 3.95%.
The US 3 Year and 5 Year Bond Yields have inverted. A possible sign of an impending recession.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading stock were higher. The Dow climbed 287.97 points, Nasdaq gained 110.98 points, and S&P added 30.20 points. Total NYSE volume traded, a moderate 4.14 billion shares. Advancing shares outpaced Declining shares better than 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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