Wednesday's Market Recap - Dow Holds On To Some Gains As Big Morning Rally Fades.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are looking strong this morning. At the present time Dow futures are up 168 points, Nasdaq futures up 63 points, and and S&P futures are up 19 points. China US trade, and Brexit fear in Britain is still a problem for markets. This morning the ECB has finally continues discontinues it Bond Buying Program (QE).
On The Bond Desk:
The US 10 Year Bond Yield 2.88%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $52.59/barrel, up 1.82%.
On the Earnings Calendar:
None
In M&A News:
Chinese Company Tencent Music, IPO goes public today on the NYSE. Priced @ range $13 - $15/share
What About The Asian And European Markets?
Major Asian markets rose overnight. Japan (Nikkei 225) up 0.75%, Shanghai up 0.31%, Hong Kong (Hang Seng) up 1.61%.
Major European markets solidly higher as well. German (DAX) gained 1.38%, France CAC 40 up 2.15%, London FTSE 100 up 1.08%.
Market And Sector Dynamics
US stocks had another strong opening today. The Dow surged 280 points, Nasdaq jumped 91 points, and the S&P was up 32 points. Market are buoyed by a report in the Wall Street Journal that China may be rethinking it China 2025 Plan. The Energy and Industrial sectors are leading the rally early.
The rally lost some of it heft shortly after the opening bell, as investors digested some of news coming out of the sentencing of the President's former Attorney, Michael Cohen, in the Southern District of New York. Stock reached the high of the day early in the afternoon session, with the Dow up over 400 points, before giving up most of those gains into the close.
Market sentiment was positive but cautious, and the rally was broad based. Eight of the eleven S&P sectors closed with decent gains, led by Consumer Discretionary, Basic Materials, Healthcare, Communication Services, Technology, Financials, and Energy.
Factors Influencing Today's Market
Wall Street Journal report that China may be rethinking its China 2025 Plan.
Tencent Music goes public today on the New York Stock Exchange (NYSE).
The President's former Attorney of about ten years, was sentenced to 3 year in New York today.
November CPI came in flat further calming fears that Fed will be hyperactive with rate hikes.
Crude oil traded moderately lower today. WTI crude oil closed $51.15/barrel, down 0.97%.
This week's EIA Petroleum Status Report shows crude oil inventories fell 1.2 million barrels to 442 million barrels, 0.2% below last year's levels.
Market Close Volume Traded And Advance Decline Ratio
Major markets ended positive in today's session. The Dow gained 157.03 points, Nasdaq added 66.48 points, and the S&P rose 14.29 points. Total NYSE volume traded, a moderate 4.97 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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