Wednesday's Market Recap - Investors Were In A Risk On Mood, Despite Boeing And Brexit Concerns.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mostly neutral in the early premarket session, as the Dow futures down 11 points, mostly due to continued pressure on Boeing. Nasdaq futures up 7.25 points, and S&P futures down 2.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.60%, down 0.04%, or four basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $57.46/barrel, up 1.04%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded lower overnight. Japan (Nikkei 225) down 0.99%, Shanghai down 1.09%, Hong Kong (Hang Seng) down 0.39%.
Major European markets closed modestly higher against the uncertainty of Brexit. German (DAX) up 0.42%, France CAC 40 up 0.69%, London FTSE 100 up 0.11%.
Market And Sector Dynamics
Markets opened the trading session triple digit higher, with the Dow up 100 points, thank to a turnaround in shares of Boeing. The Nasdaq rose 34 points, and the S&P rose 10 points. Crude oil is on the move early, up 1.42%, at $57.69/barrel.
Stock gained momentum after the open, led higher by shares of Boeing, as well as energy and technology stocks.
Today's rally was broad based, and market tone was positive. All eleven S&P sectors closed with gains, led by Healthcare, Energy, Industrials, Financials, Consumer Staples, Technology, Basic Materials, and Real Estate.
Factors Influencing Today's Market
Shares of Boeing were still under some pressure again, today, after President Trump, the FAA, and Boeing, following most countries, and global aviation authorities, decided to ground Boeing 737 MAX 8 and MAX 9 planes in service.
The uncertainty surrounding Brexit continues, with no obvious solution thus far.
Major Asian markets were lower, but European markets closed with modest gains.
February PPI came in softer than expected at 0.10% vs 0.20% expected.
This week's EIA Status Report shows that US crude oil inventories fell 3.9 million barrels, to 449.1 million barrels.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the major indices were all higher. The Dow gained 148.23 points, Nasdaq rose 52.37 points, and the S&P rose 19.40 points. Total NYSE volume traded, 3.72 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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