Monday's Market Recap - No Kidding. This Was A Solid April Fools Session.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are all elevated at this hour, with Dow futures up 170 points, Nasdaq up 66.50 points, and the S&P up 17.45 points. Asian markets rallied overnight, on better than expected China manufacturing data, and a hint that China economic stimulus is beginning to work.
On The Bond Desk:
The US 10 Year Bond Yield at 2.41%, up 02% or two basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $60.68/barrel, at 0.90%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets performed well overnight, thanks to strong manufacturing data in China. Japan (Nikkei 225) up 1.43%, Shanghai up 2.58%, Hong Kong (Hang Seng) up 1.76%
Major European markets also ended positive. German (DAX) gained 1.35%, France CAC 40 up 1.03%, London FTSE 100 up 0.52%.
Market And Sector Dynamics
No April Fool Day for this stock market! Stocks jumped higher at the open this morning. The Dow gained 194 points, Nasdaq surged 71 points, and the S&P added 19 points. Improved manufacturing data in China, and a welcome stabilization in US Bond yields, is being well received by investors. Retail sales was somewhat disappointing this morning, but other economic data, such as the ISM, ------- were very good. WTI crude oil also traded modestly higher early, up 0.93%, at $60.70/barrel.
All 30 Dow components are higher early in the session. Crude oil is also moderately higher at $60.70/barrel, up 0.93%.
Lyft sold off another 12% in today's trading, down closing at the low of the day.
Markets remained significantly elevated for the entire session, gradually gaining momentum to close at the high of the day.
Today's rally was fairly broad based and market tone was positive. Eight of the eleven S&P sectors closed with gains, led by Financials, Industrials, Basic Materials, Communication Services, Technology, Energy, and Consumer Staples.
Factors Influencing Today's Market
Improved manufacturing data coming from the China's economy was strong catalyst for global and US markets today.
Asian markets were significantly higher in their respective sessions. European markets were all higher.
US 10 Year Bond Yield seems to have stabilized, which is helping to give markets some confidence.
March PMI Manufacturing Index came in slightly less than expected at 52.4 vs 53.0 for February.
February Retail Sales fell 0.2% vs 0.7% in January.
Market Close Volume Traded And Advance Decline Ratio
This was no 'April Fools session. When the markets closed today, the major indices were significantly higher. The Dow jumped 329.71 points, Nasdaq surged 99.59 points, and the S&P gained 32.79 points. Total NYSE volume traded, 3.45 billion shares. Advancing shares outpaced Declining shares better than 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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