Friday's Market Recap - Stocks Up On A Strong Employment Number, And Rising Crude Oil Prices.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed this morning. Dow futures up 25 points, Nasdaq futures down 33.75 points, largely due to Amazon, and the S&P down 2.25. Asian markets closed mixed overnight.
January Unemployment report released this morning show the economy produced 304,000 new jobs, with the Unemployment rate ticked up 4.0%, and average hourly earnings rose 0.01%.
On The Bond Desk:
The US 10 Year Bond Yield 2.64%, down 0.06% or six basis points,
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $53.68/barrel, down 0.20%
On the Earnings Calendar:
Amazon reported 4th. Qtr. results after the bell yesterday evening.
Exxon and Chevron reported solid 4 Qtr. earnings results before the opening bell this morning.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.07%, Shanghai 1.30%, Hong Kong (Hang Seng) down 0.04%
Major European markets close higher in their session. German (DAX) up 0.07%, France CAC 40 up 0.53%, London FTSE 100 up 0.74%
Market And Sector Dynamics
Markets opened the session mixed, with the Dow up 65 points, Nasdaq was down 22 points, and the S&P added 2 points. Amazon reported better than expected quarterly results after the bell yesterday evening, but the company's guidance, was weaker than estimated, as the company indicated that this year was going to be an investment year.This was being felt mostly in the Nasdaq.
Crude oil traded higher early in the session, with WTI crude at $54.40/barrel, up 1.12%, shortly after the opening bell.
Stocks remained elevated for most of the morning session. The Dow reaching a high of 175 point an hour after the open. Unfortunately, the market lost momentum in the afternoon session.
Rising crude oil prices and strong fourth quarter earning results from Exxon and Chevron helped the energy sector to outperform today. Consumer Services and technology stocks were dragged down by Amazon.
Factors Influencing Today's Market
Strong 4Q Earnings reports from energy giants, Exxon, and Chevron.
Disappointed earnings guidance from Amazon weighed negatively on the Nasdaq in the session.
Strong January Unemployment report showing 304,000 new jobs, with the unemployment rate ticked up 4.0%.
Asian markets were mixed, while European markets closed with gains.
Crude oil traded higher. WTI crude oil closed at $55.26/barrel, up 2.73%.
This week's Baker Hughes Oil Rig count fell 15 rigs to 847.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the indices were mixed. The Dow gained 64.22 points, Nasdaq fell 17.87 points, and the S&P gained 2.43 points. Total NYSE volume traded, a light 3.73 billion shares. Advancing shares outpaced Declining shares by 1.33:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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