Wednesday's Market Recap - Another Solid Day Of Gains For The Bulls.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly higher at this hour. Dow futures up 75 points, Nasdaq futures up 31 points, and S&P futures up 7 points. Investors seem bent of adding to yesterday's nearly 400 points rally.
January CPI came in flat 0, but 1.6% increase year over year.
On The Bond Desk:
The US 10 Year Bond Yield at 2.68%, or 0.02%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $53.76/barrel, up 1.24%.
On the Earnings Calendar:
Cisco reports fourth quarter results after the bell this evening.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were all up more than a percent in today's trading. Japan (Nikkei 225) up 1.34%, Shanghai up 1.84%, Hong Kong (Hang Seng) 1.16%.
Major European markets were modestly up. German (DAX) up 0.37%, France CAC 40 up 0.35%, London FTSE 100 up 0.81%.
Market And Sector Dynamics
Stocks opened the trading day higher. The Dow gained 117 points, Nasdaq rose 34 points, and the S&P up 12 points. This morning's CPI report came in at 0 flat, or 1.6% year over year. From the market's perspective, that CPI read keeps the Fed on the sidelines, meaning no further rate hikes for now - the Fed is on hold.
Stock remained elevated for most of the morning session, before pulling back around noon, but still remained well above the flat line. Markets did regain some momentum in the afternoon session, closing near the high of the day.
Today's rally was fairly broad based, with 9 of the eleven S&P sectors ending with modest gains, led by Energy, Industrials, Consumer Discretionary, Real Estate, Consumer Staples, Healthcare, and Financials. Utilities and Communication Services were lower.
Factors Influencing Today's Market
January CPI came in flat vs the 0.1 estimated. Year over Year the CPI was up 1.60%.
This week's EIA Petroleum Status Report shows US crude oil inventories rose 3.6 million barrels, to 450.8 million barrels.
Crude oil traded moderately higher today. WTI crude oil closed at $53.90/barrel, up 1.51%.
Both Asians and European markets close higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the markets were moderately higher. The Dow gained 117.51 points, Nasdaq up 5.76 points, and the S&P added 8.30 points. Total NYSE volume traded, a moderate 3.60 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments