Tuesday's Market Recap - Risk-On Trading Session Driven By Better Than Expected Corporate Earnin
What is The Premarket Telling Us?
8:00 AM.
US stock futures are modestly higher at this hour. Dow futures up 89 points, Nasdaq up 21 points, and S&P up 5.50 points. Chinese stock markets are closed for the Lunar New Year. Here at home the President will give his State of The Union Address, in the House of Representative tonight at 9:00 PM.
On The Bond Desk:
The US 10 Year Bond Yield at 2.72%, up 0.03%.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $54.28/barrel, down 0.51%
On the Earnings Calendar:
Alphabet beat 4th. Qtr Earnings and Revenue expectations. Shares of the company are modestly lower, as investor seem disappointed with the the company's large capital R&D expenditures.
Disney reports Q4 results, after the closing bell.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mostly closed. Japan (Nikkei 225) down 0.19%, Shanghai %, Hong Kong (Hang Seng) % - Closed for Lunar New Year.
Major European markets closed up. German (DAX) up 1.71%, France CAC 40 up 1.66%, London FTSE 100 up 1.66%
Market And Sector Dynamics
US markets opened moderately positive, with the Dow gaining 60 points, Nasdaq up 8 points, and S&P added 4 points. Market breath was positive, advancing shares 2:1 over declining issues. Technology and industrials shares outperformed, with Apple, Facebook, Netflix, Amazon, and Boeing jumped higher.
The Dow reached the high of the morning, up 180 points, as investors appear to be in a risk-on mood. Large technology and Consumer Discretionary, and industrials companies led the rally. Stock lost some upward momentum early in the afternoon session, but quickly bounce back, and jumped higher into the close.
Eight of the eleven S&P sectors closed the session with moderate gains, led by Consumer Discretionary, Communication Services, Industrials, Technology, Basic Materials, and Real Estate.
Factors Influencing Today's Market
Some optimism that the President would signal a willingness to work with the Democrats on a Infrastructure spending bill.
A risk-on trading session, base on better than expected corporate quarterly earnings.
Consumer discretionary and technology shares led markets higher today.
Crude prices fell in trading today. WTI crude closed at $53.66/barrel, down 1.65%.
European markets were solidly higher in their sessions.
Market Close Volume Traded And Advance Decline Ratio
When traded ended for the day, markets were all higher. The Dow surged 172.15 points, Nasdaq gained 54.55 points, and S&P rose 12.83 points. Total NYSE volume traded, a modest 3.41 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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