Monday's Market Recap - Stocks Record Modest Gains To Start Busy Earnings Week.
What is The Premarket Telling Us?
7:00 AM.
This morning's market setup in mildly negative. US stock futures are lower, with Dow futures down 12 points, Nasdaq futures down 6.75 points, and S&P futures were off 2.25 points. Asian markets were mixed overnight. Here at home, Boeing holds its shareholders meeting today, where the CEO will directly address the problems with 737 MAX, for the first time.
On The Bond Desk:
The US 10 Year Bond Yield at 2.50%, down 0.03% or three basis points.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $63.02/barrel, down 0.44%.
On the Earnings Calendar:
Alphabet (GOOG), reports 1st Qtr.Earnings results after the closing bell today.
In M&A News:
Anadarko Petroleum will take a look at the Occidental Petroleum bid, despite having already accepted an earlier bid from Chevron.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) fell 0.22%, Shanghai down 0.77%, Hong Kong (Hang Seng) up 0.97%.
Major European markets closed with modest gains. German (DAX) up 0.10%, France CAC 40 up 21%, London FTSE 100 up 0.17%
Market And Sector Dynamics
Stocks opened the trading session mostly flat. The Dow rose 11 points, Nasdaq up 3 points, and the S&P up 1 point. Shares of Boeing are higher in the early going, even as the company holds its annual shareholders meeting later this morning. WTI crude oil is slightly lower, at $63.19/barrel, down 0.19%.
Ten minutes into the session, both the Nasdaq and the S&P hit new intraday record highs, as investors display optimism beginning a heavy week of corporate earnings, including Alphabet which reports after the close this evening.
Stocks mostly fluctuated around the flat line for the morning session, but gained upward momentum during the afternoon session, with the Dow reaching a high of nearly 60 points, shortly after 2:00 PM, before losing most of the afternoon gains, just before the close.
Factors Influencing Today's Market
Boeing held it shareholders meeting this morning, where the CEO updated shareholders and the public on the status of the 737 MAX problem.
Anadarko Petroleum has agreed to consider the competing bid from Occidental Petroleum, after already approving the Chevron Bid.
WTI crude oil gained some ground today, closing at $63.55/barrel, up 1.13%.
Asian markets closed mixed in their session. European markets closed higher.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were higher. The Dow gained 11.06 points, Nasdaq rose 15.46 points, and the S&P rose 3.15 points. Total NYSE volume traded, a light 3.06 billion shares. Advancing shares outpaced Declining shares 1.50:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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