Tuesday's Market Recap - Assessing That Yesterday Selloff Was Overdone, Investor Went Bargain Hu
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately higher this morning, suggesting investors are looking to recoup some of yesterday's losses. Dow futures up 137 points, Nasdaq futures up 67 points, and the S&P futures up 19 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.41% down 0.05% or five basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $61.61/barrel, up 0.93%.
On the Earnings Calendar:
Alibaba report before the opening bell tomorrow morning.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed lower in their session. Japan (Nikkei 225) down 0.59%, Shanghai down 0.69%, Hong Kong (Hang Seng) down 1.50%.
Major European markets traded higher today. German (DAX) up 0.97 %, France CAC 40 up 1.50%, London FTSE 100 up 1.09%.
Market And Sector Dynamics
Stocks opened the trading day convincingly higher, with the Dow gaining 108 points, Nasdaq rose 51 points, and the S&P added 12 points. Technology got off to an early start with Facebook, Alibaba, Netflix leading markets higher early in the session.
Markets gained momentum as the session progressed, with the session ending near the close of trading.
Today's rally was broad based, with ten of the eleven S&P sectors ending the day with moderate gains, led by Technology, Energy, Industrials, Consumer Discretionary, Basic Materials, Financials, Healthcare, Consumer Staples, and Real Estate.
Factors Influencing Today's Market
Investors decided to put China trade war concerns on the back burner today, after President Trump suggested that the trade talks are not dead,
Investors are of the view that yesterday's selloff was overdone, and a willing to buy on the dip.
WTI crude oil rose in today's trading, closing at $61.30/barrel, up 0.43%.
Asian markets closed lower, but European markets traded higher.
Market Close Volume Traded And Advance Decline Ratio
At the close the indices were all higher. The Dow gained 207.06 points, Nasdaq rose 87.47 points, and S&P added 22.54 points. Total NYSE volume traded, a modest 3.25 billion shares. Advancing shares outpaced Declining shares 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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