Wednesday's Market Recap - Massive 600+ Point Rally Hoping For A Thaw In US China Trade Relation
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all positive at this point in the market setup. Dow futures are up 158 points, Nasdaq futures up 41 points, and S&P up 13 points.
On The Bond Desk:
The US 10 Year Bond Yield at 3.06%, down 0.01%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.27
Crude Oil:
WTI crude oil futures at $51.49/barrel, down 0.14%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets rose today. Japan (Nikkei 225) gained 1.02%, Shanghai gained 1.05%, Hong Kong (Hang Seng) up1.33%
Major European markets mostly flat. German (DAX) gained down 0.09%, France CAC 40 was flat %, London FTSE 100 down 0.18%.
Market And Sector Dynamics
Stocks opened the session modestly higher, with the Dow up 45 points, Nasdaq and the S&P also enjoying modest gains. Investors are anticipating a positive outcome on trade discussions between President Trump and China's President Xi, at the G20 meeting in Argentina, this weekend.
The markets remained at these modestly elevated levels for most of the morning session, but jumped higher around noon, and climbed even higher into the close.
Market sentiment was very positive from the open, and the rally was broad based, with ten of the eleven S&P sectors closed with gains led by Technology, Consumer Discretionary, Healthcare, Industrials, Communication Services, Financials, Energy, Basic Materials, and Consumer Staples.
Factors Influencing Today's Market
Investors are anticipating a positive outcome from President Trump and President Xi's meeting in Argentina.
Third Quarter GDP came in at 3.50% in line with estimates.
This week's EIA Petroleum Status Report shows US crude oil inventories rose (build) by 3.6 million barrels to 450.50 billions vs 4.9 billion barrels last month.
Crude oil traded lower in the session. WTI crude oil closed at $50.29/barrel, down 2.46%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were significantly. The Dow jumped 617.72 points, Nasdaq surged 208.89 points, and the S&P 37.53 points. Total NYSE volume traded, a moderate 3.90 billion shares. Advancing shares outpaced Declining shares better than 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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