Friday's Market Recap - Dow Up Triple Digits On Big Energy Merger, JPMorgan Earnings, And Disney
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately higher. Dow futures were up 170 points, Nasdaq futures up 29 points, and S&P futures up 14 points. Strong economic data in China overnight is a positive for global market including our own markets this morning. Investors are also very positive on Disney's 'over the top' streaming options, announced at the company's investor day yesterday. Disney's shares are up more than 7% in premarket trading.
On The Bond Desk:
The US 10 Year Bond Yield tick back to 2.50%, up 0.02%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.30
Crude Oil:
WTI crude oil futures $64.57/barrel, up 1.56%.
On the Earnings Calendar:
JPMorgan released it quarterly earning results before the bell this morning. The company handily beats analyst earnings and revenue expectation, and other performance metrics.
In M&A News:
Chevron announced today that it is buying Anandarko for $33.00 billion shares, or $65/share
Ride sharing company Uber filed its S1 for it IPO, after the bell yesterday evening.
What About The Asian And European Markets?
Major Asian markets mostly higher today. Japan (Nikkei 225) rose 0.73%, Shanghai down 0.04%, Hong Kong (Hang Seng) up 0.24%.
Major European markets recorded moderate gains. German (DAX) up 0.54%, France CAC 40 gained 0.31%, London FTSE 100 rose 0.26%.
Market And Sector Dynamics
Stock opened the trading day significantly higher. The Dow soared 220 points, Nasdaq gained 36 points, and the S&P gained 14 points. A big merger in the energy sector, stellar quarterly earning from JPMorgan, and a well received Disney 'over the top' reveal, and good economic news out of China has investor in a risk on mood today.
Market remained at elevated levels for the entire trading session. Market rally was broad based, and market tone was very positive.
Ten of the eleven S&P sectors closed with gains. Financials, Basic Materials, Industrials, Communication Services, Technology, Real Estate, Consumer Discretionary, and Consumer Staples.
Factors Influencing Today's Market
Strong quarterly earnings report from JPMorgan. The company beat all performance metrics.
Disney unveiled the details of its 'over the top' plans, and investors appear impressed.
Chevron announced it is buying Anandarko Petroleum for $33 billion, or $65/share.
WTI crude oil closed at $63.89/barrel, up 0.49%.
This week's Baker Hughes US Oil Rig count rose 3 to 833
Uber file its S-1 to go public.
US 10 Year Bond Yield ticked significantly higher today, and closed at 2.562%, up 2.52%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the major indices were solidly higher. The Dow surged 269.20 points, Nasdaq gained 36.80 points, and S&P rose 19.09 points. Total NYSE volume traded, a moderate 3.65 billion shares. Advancing shares outpaced Declining shares nearly 2.1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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