Friday's Market Recap - New Month Begins With Another Solid Day Of Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are looking very positive, on the first day of trading for March. Futures are indicating a strong open. Dow futures are up 179 points, Nasdaq futures up 53 points, and the S&P up 17 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.71%, up 0.03% or three basis points.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $57.43/barrel, up 0.37%.
On the Earnings Calendar:
Lyft has filed to go Publix.
In M&A News:
GAP announced it is spinning off its Old Navy business.
What About The Asian And European Markets?
Major Asian markets were solidly higher overnight. Japan (Nikkei 225) up 1.02%, Shanghai up 1.80%, Hong Kong (Hang Seng) up 0.63%.
Major European markets also closed higher. German (DAX) up 0.75%, France CAC 40 0.47%, London FTSE 100 0.45%
Market And Sector Dynamics
Stock opened the first day of March, with the Dow surging 190 points, Nasdaq gained 55 points, and the S&P up 20 points. Market breath strong, Advancing shares 4:1 over Declining shares. One of the key factors driving markets up today, is a sense that, now that the second Trump - Kim Summit, has fizzled, the President will be more motivated to sign a trade deal with China.
Also helping markets today, an announcement from retailer, GAP, that it plans to spin off Old Navy, perhaps its best performing brand. Also today, Ebay, under pressure from activist group Elliot and Starboard Value, will undertake a strategic review of its business, with a particular focus on StubHub.
Markets soared higher after the opening bell, which saw the Dow up 216, the high of the day, around 10:00 AM. Stocks faded, from that point on, reaching the low of the day just before noon. Stocks rebounded during the afternoon session, managing to hold on to around half of the morning gains.
Market tone was very positive, with seven for the eleven S&P sectors closing solidly in positive territory. Energy, Healthcare, Consumer Discretionary, Consumer Services, Technology, and Financials led the outperformers. Consumer Staples, Basic Materials, and Real Estate, closed modestly lower.
Factors Influencing Today's Market
Investors are feeling more confident that a trade deal with China is more likely now that the Trump Kim Summit has fizzled.
GAP announced it will spinning off Old Navy.
Ride share company, Lyft has filed to go Public.
Ebay has announced a strategic review of its businesses, under pressure from Elliot Management, and Starboard Value.
Tesla announced the initiation of the $35,000 version of the Model 3, and shifted sales of all cars to its online platform, and closing most of its stores.
Crude oil lost some ground today, with WTI crude oil ending the day at $55.80/barrel, down 2.45%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day, the Dow gained 110.32 points, Nasdaq rose 62.82 points, and S&P was up 19.20 points. Total NYSE volume traded, a modest 3.92 billion shares. Advancing shares outpaced Declining shares almost 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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