Wednesday's Market Recap - Dow Climbs Higher After FOMC Minutes Confirms Fed On Hold.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mildly negative at this hour. Dow futures down 32 points, Nasdaq futures down 2.50 points, and S&P futures down 2.50 points. Investors will be eagerly anticipating the Fed/FOMC minutes due out just after 2:00 PM today. US China trade talks remains on track.
On The Bond Desk:
The US 10 Year Bond Yield at 2.65%, down 0.02%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $55.78/barrel, down 0.45%.
On the Earnings Calendar:
CVS Healthcare reported strong fourth quarter results, before the bell this morning.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) up 0.60%, Shanghai up 0.20%, Hong Kong (Hang Seng) up 1.01%
Major European markets close higher today. German (DAX) up 0.82%, France CAC 40 0.69%, London FTSE 100 up 0.69%.
Market And Sector Dynamics
Stocks opened the trading day mostly unchanged. The Dow rose 2.52 points, Nasdaq gained 8.57 points, and the S&P added 0.13 point.
Market traded with some uncertainty in the session, as investors waited for the Fed/FOMC minutes due out around 2:00 PM, this afternoon. They are hoping that the minute will confirm that the Fed is on pause.
Optimism surrounding US China trade talks seem to be increasing, as markets try to assess, how much of a successful trade outcome was already built into the market.
Market turned positive shortly after the Fed's announcement, and managed barely hold on above the flat line at the close.
Today's session was mostly mixed,with six of the eleven S&P sectors ending the day with modest gains, led by Basic Materials, Financials, Industrials, Utilities, Energy, and Consumer Discretionary. Real Estate, and Healthcare led markets lower.
Factors Influencing Today's Market
Fed/FOMC minutes confirms that the Federal Reserve in definitely on hold, which is exactly what markets expected.
Crude oil traded with gains today. WTI crude oil closed at $56.92/barrel, up 1.48%.
Asian and European markets closed the day with gains.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading stocks were modestly higher. The Dow gained 63.12 points, Nasdaq gained 2.30 points, and the S&P rose 4.94 points. Total NYSE volume traded, a light 3.78 billion shares. Advancing shares outpaced Declining shares 1.5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments