Wednesday's Market Recap - A Fourth Straight Day Of Gains As US China Talks Went Well.
What is The Premarket Telling Us?
7:00 PM.
This morning's market setup is modestly positive indicating that investors favor pushing markets a higher for a fourth consecutive day. Dow futures up 59 points, Nasdaq futures up 19 points, and S&P futures up 5 points. Trade talks between US and China appears to be going well, while back at home the government shutdown continues, with no visible signs of ending, even after the President's address from the Oval Office last night.
On The Bond Desk:
The US 10 Year Bond Yield has tick up a bit at 2.72%, up 0.04% or four basic points.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.27
Crude Oil:
WTI crude oil futures trending higher at $50.80/barrel, up 2.05%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were nicely higher overnight . Japan (Nikkei 225) up 1.10%, Shanghai up 0.71%, Hong Kong (Hang Seng) up 2.27%.
Major European markets also closed with solid gains. German (DAX) gained 0.83%, France CAC 40 rose 0.84%, London FTSE 100 added 0.66%.
Market And Sector Dynamics
Stock opened the session solidly higher. The Dow gained 130 points, Nasdaq jumped 37 points, and S&P was up 9 points. Encouraging new coming out of China US trade talk, being the major catalyst. Sales pre-announcements of strong sales from Verizon yesterday, and T-Mobile today is definitely helping stocks today. Crude oil is also moving higher early in the session. WTI crude oil currently at $51.45/barrel, up 3.35%.
Investors are also responding to some negative new on Apple, from Nikkei indicating the company may be cutting iPhone production by ten percent.
The market dipped briefly, into the red, after US EIA Pretoleum Status report showed crude oil inventory fell (draw) less than expected, which took the shares of energy and relates shares down.
Stocks returned to positive territory, and pushed higher during the rest of the session, and into the close.
Seven of the eleven S&P sector close with moderate gains, led by Energy, Technology, Industrials, Financials, Consumer Discretionary, and Healthcare. Consumer Staples, Utilities, and Real Estate, were the losers in today's session.
Factors Influencing Today's Market
Encouraging news coming out of US China trade talks in Bejing, China.
Crude oil traded modestly higher today. WTI crude oil closed at 52.21/barrel.
Strong preannounced sales data by Verizon and T-Mobile.
Asian and European market traded solidly higher today.
Nikkei reports Apple may be cutting iPhone production by 10%.
Market Close Volume Traded And Advance Decline Ratio
Investors another day of gains for the major averages. At the close the Dow gained 91.67 points, Nasdaq up 60.08 points, and the S&P up 10.55 points. Total NYSE volume traded, 4.01 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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