Friday's Market Recap - Stock Rally On Strong US Jobs Report, And Optimism On US China Trade Dea
What is The Premarket Telling Us?
6:30 AM.
Stock futures are modestly positive. Dow futures up 32 points, Nasdaq futures up 16 points, and S&P futures up 4.50 points. US optimism surrounding a China US trade deal is in the air, after President Xi of China is reported to have said, progress is being made.
This morning investors are looking forward to seeing the US Jobs report for March, after a disappointing 20K read for Februrary.
On The Bond Desk:
The US 10 Year Bond Yield at 2.51%, down one basis point.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $61.99/barrel, down 0.18%
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets higher. Japan (Nikkei 225) gained 0.38%, Shanghai gained 0.94%, Hong Kong (Hang Seng) up0.17%
Major European markets also closed with gains. German (DAX) up0.18%, France CAC 40 up 0.23%, London FTSE 100 gained 0.61%.
Market And Sector Dynamics
US stocks opened today's trading session moderately higher with the Dow up 40 points, Nasdaq up 24 points, and the S&P up 5 points. Investors responded positively to a better than expected US jobs report, which shower 196, 000 new jobs were created in March, compared to the 175,000 that was expected. The unemployment rate remained at 3.8%, and Average Hourly Waged increased 3.2% over a year ago, but slightly below the 3.4% read in February.
Markets were positive and remained elevated for the entire session, with ten of the eleven S&P sectors closing the session in solid gains, led by Energy, Utilities, Real Estate, Healthcare, Consumer Discretionary, Technology, Industrials, and Consumer Staples
Factors Influencing Today's Market
Optimism surround a China US trade deal continued to be a catalyst for markets.
A better than expect strong March US Jobs report showing 196,000 vs 175,000 expected. Unemployment rate stayed at 3.8%.
US 10 Year Bond Yield has stabilized around the 2.50% level.
Crude oil had a good day again today. WTI crude oil closed at $63.08/barrel, up 1.68%.
This week's US Baker Hughes Oil Rig count were up 15 rigs to 831 total.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading the Dow gained 40.36 points, Nasdaq gained 46.91 points, and the S&P added 13.35 points. Total NYSE volume traded, a mild 3.05 billion shares. Advancing shares outpaced Declining shares by 2.54:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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