Thursday's Market Recap - Better Than Expected Earning From Cisco And Walmart Helped Stocks To R
What is The Premarket Telling Us?
7:00 AM.
Stock futures are higher, indicating markets will be up at the open. Dow futures are up 93 points, Nasdaq up 29 points, and the S&P was up 10 points. Asian markets closed mixed in their session. The Trump administration has place a ban on Chinese technology company, Huawei, prohibiting it from doing business in the US.
On The Bond Desk:
The US 10 Year Bond Yield has again ticked lower at 2.38%, down 0.04% or four basis points.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $62.56/barrel, up 0.87%.
On the Earnings Calendar:
Cisco reported better than expected results after the bell yesterday evening. The company bear earnings and revenue expectations.
Walmart reported mixed results before the bell this morning. Earning was better than expectations, but revenues were short of expectations, due mostly to currency.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mildly higher. Japan (Nikkei 225) down 0.59%, Shanghai up 0.58%, Hong Kong (Hang Seng) up 0.02%
Major European markets were solidly higher. German (DAX) gained 1.74%, France CAC 40 rose 1.37%, London FTSE 100 rose 0.78%.
Market And Sector Dynamics
Stock opened the trading day with the Dow up100 points, Nasdaq up 7 points, and the S&P up 7 points. Walmart reported mixed earning after the close yesterday. The company handily beat earnings, but revenue was a slight miss. Cisco, the old school technology giant reported strong earning results, beating earnings and revenue estimates.
Stocks climbed higher after the opening bell, with the Dow hitting a high of 309 points, early in the afternoon session, before losing some momentum during the rest of the afternoon session.
Also helping markets today, is a sense that while US China talks may have broken down, there are hints from the administration that negotiations will continue.
Today's rally was broad based, with all eleven S&P sectors closed the day in positive territory, led by Basic Materials, Financials, Consumer Discretionary, Technology, Communication Services, Industrials, Healthcare, Consumer Staples, and Utilities
Factors Influencing Today's Market
Investors are hopeful that US China trade negotiations will continue despite the break down in talks.
Quarterly earning from Walmart and Cisco was a positive for market today.
This week's Initial Jobless Claims surprisingly fell 16,000 to 212,000 claims, confirming a continued strong labor economy.
April Housing Starts/Permits was a solid read, coming in at 1.235 million vs 1.25 million expected.
WTI crude oil prices traded moderately higher today, closing at $62.87/barrel, up 1.37%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the Dow soared 214.66 points, Nasdaq rose 75.90 points, and the S&P added 25.36 points. Total NYSE volume traded, a modest 3.26 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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