Monday's Market Recap - Stocks Rise On US China Trade Optimism, And A Big Move In Chinese Market
What is The Premarket Telling Us?
8:00 AM.
Stock futures are all higher this morning, one hour and a half before the opening bell. Dow futures up 147 points, Nasdaq futures up 46 points, and S&P futures up 12 points. Asian markets were significantly higher overnight, with China having its best day in more that three years.
On The Bond Desk:
The US 10 Year Bond Yield at 2.66%, down 0.03% or three basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures lower at $56.46/barrel, down 1.40%.
On the Earnings Calendar:
Retail department store, Dillard's beat fourth quarter earning and revenue estimates. Shares jumped 21%.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded higher today. Japan (Nikkei 225) gained 0.48%, Shanghai jumped 5.60%, Hong Kong (Hang Seng) rose 0.50%.
Major European markets also recorded gains. German (DAX) up 0.42%, France CAC 40 up 0.31%, London FTSE 100 added 0.07%.
Market And Sector Dynamics
Stocks opened the session convincingly higher with the Dow gaining 140 points, Nasdaq up 40 points and the S&P added 10 points. Asian markets, particularly China had a strong session overnight, as US China trade negotiations seems to be nearing a deal.
An hour after the open the Dow was up 210 points, the high of the day.
Market lost some of the morning's momentum during the afternoon session, but managed to hold on to moderate gains, into the close.
Market tone was positive, with seven of the eleven S&P sectors ending the session with gains. Basic Materials, Technology, Financials, Industrials, and Energy were all higher. Real Estate, Utilities, Consumer Discretionary, and Consumer Staples ended the day lower.
Factors Influencing Today's Market
Improved optimism regarding US China trade negotiations was a positive for markets today.
Major Asian markets recorded solid gains, overnight, with China having the best day in more than three years.
Strong fourth quarter performance from Dillard's, a surprising standout in the retail arena.
Market Close Volume Traded And Advance Decline Ratio
Markets ended the day moderately higher. The Dow gained 60.14 points, Nasdaq rose 26.92 points, and S&P gained 3.44 points. Total NYSE volume traded, a modest 3.92 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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