Friday's Market Recap - Stable Bond Yields And Lyft IPO, Lifted Stocks Higher Today.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are flat to modestly positive at this point in the premarket. Dow futures up 11 points, Nasdaq futures up 7 points, and S&P futures up 2 points. Asian market closed with nice gains overnight, setting a positive tone our trading session. Lyft, the ride sharing company begins trading on the Nasdaq exchange today. The IPO is reportedly oversubscribed, as investor are viewing this as a "growth play.' Stock futures improved significantly during the premarket, so that the Dow futures were up 140 points, Nasdaq futures up 41 points, and S&P futures up 14 points, five minutes before the open.
On The Bond Desk:
The US 10 Year Bond Yield at 2.39%, up 0.02% or two basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $59.98/barrel, up 1.15%.
On the Earnings Calendar:
None.
In M&A News:
Ride sharing company Lyft, begins trading on the Nasdaq today.
What About The Asian And European Markets?
Major Asian markets closed with solid gains. Japan (Nikkei 225) rose 0.82%, Shanghai jumped 3.20%, Hong Kong (Hang Seng) gained 0.96%.
Major European markets also closed decidedly higher. German (DAX) up 0.86%, France CAC 40 gained 1.02%, London FTSE 100 up 0.86%.
Market And Sector Dynamics
Stocks jumped triple digit higher at the open. The Dow surged 150 points, Nasdaq jumped 57 points, and the S&P was up 16 points. Investors are in a risk on mood, as Bond yields seems to have stabilized. The LYFT IPO goes off today, and is a positive catalyst for the markets this morning. The company's IPO was priced at $72/share, last evening, and is expected to begin trading on the Nasdaq later this morning. Crude oil price is also on the rise early in the session, with WTI at $60.41/barrel, up 1.87%.
The markets remained at elevated levels for the entire trading session, adding steady momentum session progressed.
The rally was broad based, and positive. Nine of the eleven S&P sectors closed the session with solid gains, led by Healthcare, Industrials, Technology, Basic Materials, Consumer Staples, Utilities, and Consumer Discretionary. Energy and Real Estate, were modestly lower.
Factors Influencing Today's Market
US Bond Yields stabilized somewhat, and was a positive for markets.
Ride sharing company Lyft began trading on the Nasdaq today.
WTI crude oil closed at $60.14/barrel, up 1.42%.
This week's Baker Hughes US Oil Rig count were down 8 rigs, to 816 total.
Chicago PMI for March came in at 58.7 vs 64.7 in February.
February New Home Sales jumped and unexpected 4.7% to 667,000 annualized rate.
Major Asian and European markets were higher in their sessions.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the major indices closed with gains. The Dow gained 211.22 points, Nasdaq rose 60.16 points, and the S&P was up 18.96 points. Total NYSE volume traded, a moderate 3.67 billion shares. Advancing shares outpaced Declining shares by 1.6:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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