Tuesday's Market Recap - Dow Up Triple Digits, Nasdaq And S&P At Record Highs.
What is The Premarket Telling Us?
8:00 AM.
US stock futures are mixed in the morning setup. Dow futures up 48 points, Nasdaq down 1.75 point, and S&P up 0.25 fraction. Investors are anticipating a bevy of earnings from many large US corporations. Market fundamentals are looking very good, considering the Fed is done for the rest of the year, earnings are better than expected, and the possibility of a US China trade deal could be a mere two month away.
On The Bond Desk:
The US 10 Year Bond Yield at 2.59%, up 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures $66.79/barrel, up 0.37%.
On the Earnings Calendar:
Solid quarterly earnings from, Proctor & Gamble, United Technologies, Coke, Verizon
Twitter reported blowout earnings, beating all performance metrics. Shares surging.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) up 0.19%, Shanghai down 0.51%, Hong Kong (Hang Seng) unchanged %.
Major European markets closed higher. German (DAX) 0.16%, France CAC 40 0.28%, London FTSE 100 0.85%.
Market And Sector Dynamics
Stocks opened modestly higher. The Dow climbed 15 points, Nasdaq up 10 points, and the S&P rose 2.50 points. Crude oil is continuing its rise. WTI crude oil at $65.91/barrel, up 0.55%.
First quarter earning season is turning out better than investors expected. Proctor & Gamble, United Technologies, Lockheed, and Coca Cola, Hasbro Verizon, and Twitter, all reported better than expected first quarter results, before the bell this morning, adding a positive sentiment to the markets. Stock jumped higher at the midpoint of the morning session, with the Dow up 180 points, shortly after 12:00 Noon. Stocks remained at or just below this level during the rest of the afternoon session, and into the close.
Today's rally was broad based and very positive, enabling the S&P to surpass, and close above the record set in September last year.
Ten of the eleven S&P sectors closed the day with solid gains, led by Healthcare, Consumer Discretionary, Technology, Real Estate, Industrials, Communication Services, Financials, Basic Materials, and Utilities.
Factors Influencing Today's Market
Better than expected earnings from Twitter set the positive tone for the day.
Solid quarterly earnings results from United Technologies, Proctor & Gamble, Lockheed Martin, Coca Cola, Hasbro, and Verizon.
WTI crude oil closed modestly higher at $66.03/barrel, up 0.50%.
March New Home Sales topped expectations at 692,000 vs 645,000 estimated.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, all the indices were higher. The Dow gained 145.34 points, Nasdaq soared a record 105.56 points, and the S&P up 25.71 points, surpassing record 2930.75 level reached in September, last year. Total NYSE volume traded, a moderate 3.53 billion shares. Advancing shares outpaced Declining shares by 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments