Thursday's Market Recap - A Facebook Upgrade Gave Markets The Confidence It Needed Today.
What is The Premarket Telling Us?
7:00 AM.
The US futures are all slightly lower in the early morning setup. Dow futures down 20 points, Nasdaq futures down 13 points, and the S&P futures down 1 point. The futures improved throughout the premarket period, after Guggenheim upgraded shares of Facebook to a buy, with a new price target of $200/share.
On The Bond Desk:
The US 10 Year Bond Yield 2.51%
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures $62.10/barrel, down 0.58%
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) up 0.05%, Shanghai up .94%, Hong Kong (Hang Seng) down 0.17%.
Major European markets were also mixed. German (DAX) up 0.28%, France CAC 40 down .09%, London FTSE 100 down 0.22%.
Market And Sector Dynamics
Stocks opened solidly higher this morning, with six of the eleven S&P sectors trading with gains. One of the major catalyst driving stocks this morning is an upgrade of Facebook, by Guggenheim, to a buy rating, sending shares of the social media company more than 2% higher. Half an hour after the open, the Dow was up 130 points, Nasdaq was up 13 points, and the S&P up 5 points.
Markets traded at elevated levels for the morning session, before losing steam in the late morning and early afternoon, but regained momentum later in the afternoon, to finish near the high of the day.
Today's rally was broad based and positive. Seven of the eleven S&P sectors ending the day with gains, led by Basic Materials, Energy, Consumer Discretionary, Consumer Services, Industrials, Financials, and Consumer Staples.
Factors Influencing Today's Market
Guggenheim upgrades Facebook to buy, moving its target prices from $175 to $200/share.
Ethopia released the 737 MAX crash report of its downed jet.
This week's Initial Jobless Claims report number fell 10,000 to 202,000 claims.
Major Asian and European markets were mixed in their sessions.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow rose 166.50 points, Nasdaq slipped 3.77 points, and the S&P added 5.99 points. Total NYSE volume traded, a light 3.00 billion shares. Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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