Wednesday's Market Recap - New $83 Billion China Stimulus And Strong Quarterly Earning From Big
What is The Premarket Telling Us?
7:00 AM.
Modestly positive describes the state of US stock futures at this hour. Dow futures are up 37 points, Nasdaq futures up 2 points, and S&P futures up 4 points. Fourth Quarter Earnings season continues today, with Bank of America, and Goldman Sachs reporting before the opening bell this morning.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.71%, unchanged.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $51.64/barrel, up 0.55%.
On the Earnings Calendar:
Bank of America reported a strong quarter, beating earnings and revenue expectation.
Goldman Sachs also reported a solid quarter,
BlackRock also reported a better than expected quarter, and also increased its dividends.
United Airlines reported a blowout quarter after the close of trading yesterday evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) fell 0.55%, Shanghai was unchanged 0%, Hong Kong (Hang Seng) up 0.27%
Major European markets were also mixed in their session. German (DAX) up 0.36%, France CAC 40 up 0.51%, London FTSE 100 fell 0.47%.
Market And Sector Dynamics
Stock opened the trading day moderately higher, to continue yesterday's triple digit rally. The Dow was up 60 points, Nasdaq up 10 points, and the S&P up 5 points. This morning reports of strong corporate results from Bank of America, Goldman Sachs, and BlackRock, is helping to push markets higher.
Bank of America, and Goldman Sachs were the outperformers in today's session, taking the financial sector along for the ride. Market were also buoyed by China's injection of a $83 Billion of stimulus to it's economy, made public last night.
Today's rally was positive and broad based, with six of the eleven S&P sectors closing the day with gains, led by Financials, Real Estate, Basic Materials, Utilities, and Industrials. Consumer Staples, Consumer Discretionary, Energy, and Healthcare, were modestly lower.
Factors Influencing Today's Market
China's announced injection of $83 Billion of stimulus into its economy, helped to bolster our markets.
Strong quarterly earning from Bank of America, Goldman Sachs, and BlackRock.
A blowout quarterly report from United Airlines, after the closing bell yesterday evening.
This week's EIA Petroleum Status Report shows US oil inventories fell/draw by 2.7 million barrels, to 437.1 million barrels. Last week inventories fell/draw was 1.7 million barrels.
Asian and European markets were mixed in trading today.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed all the major indices were higher. The Dow gained 141.57 points, Nasdaq gained 10.86 points, and the S&P added 5.80 points. Total NYSE volume traded, a moderate $3.82 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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