Friday's Market Recap - A Solid Day Of Gains Based On A Strong Employment Number.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly positive. Dow futures up 62 points, Nasdaq futures up 42 points, and S&P futures up 8.50 points. After a strong 275,00 read on ADP employment number on Wednesday morning, Investors are anticipating a strong number for this morning's job report, due out at 8:30 AM.
On The Bond Desk:
The US 10 Year Bond Yield at 2.56%, up 0.05%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $61.67/barrel, down 0.23%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 0.22%, Shanghai %, Hong Kong (Hang Seng) up 0.46%
Major European markets were mostly higher. German (DAX) 0.55%, France CAC 40 0.18%, London FTSE 100 up 0.40%
Market And Sector Dynamics
Stocks opened the day higher, with the Dow up 140 points, Nasdaq up 58 points, and the S&P rose 16 points. Driving markets this morning is a strong Labor Department report showing the economy produced 263,000 new jobs in April, with the unemployment rate falling to 3.6%. Average hourly earnings was up 0.2 inline with expectations.
Markets remained most positive for the entire trading session, on cautious optimism around a possible trade deal between the US and China, as well the strong labor market reports.
Most of the eleven S&P sectors ended the session with solid gains.
Factors Influencing Today's Market
WTI crude oil traded modestly higher today, closing at $61.94/barrel up 0.21%
US trade negotiations appears to be on proceeding well in China.
April's Bureau of Labor report shows the economy created 263,000 new jobs.
This week's Baker Hughes Oil Rig count rose 2 rigs to 807.
Warren Buffett/Berkshire Hathaway will hold it's annual shareholders meeting in Omaha, this weekend.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the Dow gained 195.66 points, Nasdaq rose 127.22 points, and the S&P added 28.02 points. Total NYSE volume traded, a modest 3.43 billion shares. Despite the strong upside bias, Declining shares outpaced Advancing shares 1.14:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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