Thursday's Market Recap - Stocks Higher On Union Pacific Beat, Strong March Retail Sales, Pinter
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mostly flat in the early market setup. Dow futures are down 19 points, Nasdaq up 1 point, and the S&P up a fraction, 0.25. Asian markets were mixed overnight. Two technology unicorns go public today, Pinterest, a sort of 'digital scrapbook', and Zoom, the video conferencing company.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.59%, unchanged.
Currency Desk:
Euro dollar: 1.21
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $63.75.00/barrel, down 0.02%.
On the Earnings Calendar:
Union Pacific, the rail company, reported upbeat first quarter earnings. Shares of the company up more than 4%,
In M&A News:
Shares of Pinterest will begin trading on the New York Stock Exchange today. Share were prices at $19.00 yesterday, after the close.
Sha..res of Video conferencing company Zoom will also start trading on the Nasdaq today. Share were priced at $36, after the close yesterday.
Investment company, Blockstone Group, has changed its organization structure from a Partnership to Corporate.
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) rose 0.50%, Shanghai down 0.40%, Hong Kong (Hang Seng) lost 0.54%
Major European markets also traded mixed. German (DAX) gained 0.54%, France CAC 40 up 0.31%, London FTSE 100 fell 0.15%
Market And Sector Dynamics
Stocks opened the trading session moderately higher, with the Dow up 79 points, Nasdaq up 1.75 points, and the S&P up 3.64 points. Strong quarterly earnings performance, and positive business outlook reported by Union Pacific, as well as two seemingly well received and over subscribed IPO in Pinterest, and Zoom, are positive catalysts for the markets this morning.
Market traded pretty close to neutral for most of the trading session, before pushing higher in the last hour of trading.
Seven of the eleven S&P sectors closed the session with modest gains, led by Industrials, Real Estate, Technology, Healthcare and Communication Services.
Factors Influencing Today's Market
Stellar quarterly earnings and business outlook from Union Pacific, sending shares of the company more than 4% higher.
Pinterest and Zoom had successful IPO launches today.
WTI Crude Oil traded modestly higher today, and closed at $64.00/barrel, up 0.38%.
This week's Jobless Claims fell 5,000 to 192,000, and well below the 206,000 estimated.
March Retail Sales came in a super strong 1.60%. Less Auto and gas, it was a still strong 0.90%.
Market Close Volume Traded And Advance Decline Ratio
When the market closed, all the major indices were higher. The Dow gained 110.04 points, Nasdaq gained 1.98 points and the S&P gained 4.58 points. Total NYSE volume traded, a modest 3.46 billion shares. Advancing shares and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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