Wednesday's Market Recap - Stock Gain On Strong Corporate Earnings From IBM Johnson & Johnso
What is The Premarket Telling Us?
8:00 AM.
Stock futures are in the green at this hour, indicating a positive open. Dow futures up 166 points, Nasdaq futures up 36 points, and S&P up 13 points. Asian markets were mostly unchanged overnight. Worries about Brexit continues in the background, government shutdown in its 32 day in the US, and US China trade problem remains a big concern for investors.
On The Bond Desk:
The US 10 Year Bond Yield at 2.73%, down 0.05% or five basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $53.43/barrel, up 0.79%.
On the Earnings Calendar:
Johnson & Johnson reported strong quarterly results this morning. Shares are moving higher in the premarket.
IBM reported a solid quarter after the close of trading yesterday evening, and its shares are significantly up in the premarket.
United Technologies also reported strong quarterly results.
In M&A News:
Viacom is buying Pluto TV for $340 Million in cash.
What About The Asian And European Markets?
Major Asian markets mostly unchanged overnight. Japan (Nikkei 225) down .014%, Shanghai up 0.05%, Hong Kong (Hang Seng) 0.01%
Major European markets were modestly lower. German (DAX) down 0.17%, France CAC 40 down 0.15%, London FTSE 100 down 0.85%.
Market And Sector Dynamics
Markets opened today's trading session with solid gains. The Dow surged 240 points, Nasdaq jumped 40 points, and S&P added 14 points, largely on strong quarterly earnings performance from Proctor & Gamble, United Technologies, and IBM. Investors also learned this morning, that Viacom is buying Pluto TV, in a cash deal worth $340 million.
Crude oil also traded higher early in the session, with WTI at $53.14/barrel, up 0.25%.
Consumer Staples, and Industrials led the early broad based rally, with advancing shares outpacing declining share by 4:1.
At the high of the session the Dow was up 296 points half an hour after the open bell. By noon, stocks pulled back from the morning high, when the Dow want briefly negative. Fortunately, for the bull, stock rebounded in the afternoon session to close solidly higher.
Nine of the eleven S&P sectors closed the session with moderate gains, led by Consumer Staples, Utilities, Technology, Communication Services, Consumer Discretionary, and Industrials. Energy, and Basic Materials.
Factors Influencing Today's Market
Strong quarterly performance from Johnson & Johnson, IBM, and United Technologies.
Viacom announced it's buying Pluto TV in a $340 million cash deal.
Crude oil traded modestly up today. WTI crude oil closed at $52.62/barrel, up 0.10%.
Global Economic Forum, continues in Davos, with global recession and geopolitical concerns dominating.
Asian and European markets were mostly lower today.
Market Close Volume Traded And Advance Decline Ratio
When trading ended markets were modestly higher. The Dow gained 171.14 points, Nasdaq rose 5.41 points, and the S&P up 5.80 points. Total NYSE volume traded, 3.28 billion shares. Advancing shares and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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