Friday's Market Recap - Another Risk On Day, Thanks To Boeing, And Tech Company Earning.
What is The Premarket Telling Us?
7:00 AM.
Based on the look of this morning's stock futures, stocks could be triple digits higher at the open. Dow futures are up 115 points, Nasdaq futures up 45 points, and the S&P up 12 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.63%, up 0.02% or two basis point.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.32
Crude Oil:
WTI crude oil futures $58.61/barrel, unchanged.
On the Earnings Calendar:
Oracle, Adobe, and Ulta Beauty, reported better than expected quarterly results after the closing bell yesterday. Companies beat earnings and revenue estimates.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were all higher overnight. Japan (Nikkei 225) rose 0.77%, Shanghai up 1.04%, Hong Kong (Hang Seng) up 0.56%.
Major European markets closed the day higher. German (DAX) gained 0.85%, France CAC 40 jumped 1.04%, London FTSE 100 up 0.67%.
Market And Sector Dynamics
Markets opened this quadruple witching session modestly positive, with the Dow up 30 points, Nasdaq up 25 points, and the S&P up 5 points.
Strong earnings performance from Oracle, Adobe, and Ulta Beauty, after the yesterday's close has added some positive sentiment to the markets, with Adobe, and Ulta Beauty trading significantly higher because of the strong guidance provided by those two companies.
Boeing continued to be on the minds of investors today, after the tragic loss of life from the crash in Ethiopia on Sunday. A report today, suggested that a software fix for the problem would available in 10 days. That news sent shares of Boeing and the rocketing higher by $11/share, or 3.00%, and took the broader market along for the ride.
Despite a brief visit into negative territory during the mid-morning, stock gaped higher just before noon, and remained solidly above the flat line for the rest of the trading session. At the high of the session, the Dow hit 207 points.
Today's rally was broad based and decidedly positive, with eight of eleven S&P sectors traded with solid gains, led by Technology, Consumer Discretionary, Financials, Consumer Staples, Healthcare and Utilities. Real Estate, and Industrials, lagged the session.
Factors Influencing Today's Market
Shares of Boeing was a positive for markets today, as some suggest a software fix would be available in in ten days.
Crude oil traded slightly lower in today's session. WTI crude oil closed at $58.52/barrel, down 0.15%.
This week's Baker Hughes US Oil Rig count rose 1 to 833 total.
Major Asian and European markets closed higher.
January's JOLTS (Job openings) reports rose 1.4% to 7.581 Million from the revised 7.479 Million in December.
January's New Home Sales came in at 609K roughly in line with expectations.
Market Close Volume Traded And Advance Decline Ratio
At the end of quadruple witching trading session, the Dow gained 138.93 points, Nasdaq rose 57.62 points, and the S&P added 14 points. Total NYSE volume traded, a heavy 5.77 billion shares. Advancing shares outpaced Declining shares by 1.41:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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