Thursday's Market Recap - Stocks Staged Massive Intraday Rebound Dow Finish 260 Point Higher.
What is The Premarket Telling Us?
7:00 AM.
Down, Down, Down point the futures, suggesting markets will be down at the open of trading. Dow futures down 400 points, Nasdaq futures down 104 points, and S&P futures down 42 points. Asian markets were mostly mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.80%, up 0.05% or 5 basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $45.34/barrel, down 1.90%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) gained 3.88%, Shanghai down 0.61%, Hong Kong (Hang Seng) down 0.67%
Major European markets lower. German (DAX) down 2.37%, France CAC 40 down 0.60%, London FTSE 100 down 1.52%
Market And Sector Dynamics
Stocks opened today's trading session convincingly lower, with the Dow down 322.55 points, Nasdaq fell 104 points, and the S&P lost 30 points. A solid Initial Jobless Claims report shows a loss of 1000 claims to a total of 216,000, indicating a strong labor economy.
Consumer Confidence declined from 128.1 vs 134 expected, showing a slight softening but hardly threatening worry from consumers.
Markets remained lower for most of the morning session, with the Dow down as much as 670 points, at the low. Stocks staged a massive turnaround in the afternoon session, with all eleven S&P sectors returning to positive territory, as investors figure that, the recent selloff may have been overdone.
Industrials, Financials, Healthcare, Consumer Staples, Utilities, Materials, Technology, Energy, and Communication Services, led markets higher.
Factors Influencing Today's Market
Stocks staged massive afternoon turnaround, as investors think stocks were oversold.
Crude oil traded significantly lower today. WTI crude oil closed at $44.61/barrel, down 3.48%.
This week's Initial Jobless Claims fell 1000 claims to 216,000 total.
Consumer Confidence fell slightly in December: 128.1 vs 134 consensus estimate.
Major Asian markets were mixed, while European stocks were lower.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading for today, the Dow gained 260.37 points, Nasdaq gained 25.14 points, and the S&P added 21.03 points. Total NYSE volume traded, 4.03 billion shares. Advancing shares outpaced Declining shares by 1.18:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments