Monday's Market Recap - Another Risk On Session Fueled By Two Mergers.
What is The Premarket Telling Us?
7:00 AM.
Great to be back, after a wonderful 17 day European vacation. US stock futures are moderately positive, with Dow futures up 119 points, Nasdaq futures up 39 points, and S&P futures up 13 points. Markets are buoyed this morning by a couple of merger announcements.
On The Bond Desk:
The US 10 Year Bond Yield has ticked lower at 2.08%, down 0.04%.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $54.28/barrel, up 0.54%.
On the Earnings Calendar:
None.
In M&A News:
United Technologies (UTX) announced a merger of equals with Raytheon, the defense contractor.
Salesforce.com also announced it is buying Tableau, the business analytics platform, in a deal worth $15.7 Billion.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) up 1.20%, Shanghai up 0.86%, Hong Kong (Hang Seng) up 2.27%
Major European markets. German (DAX) closed today %, France CAC 40 up 0.34%, London FTSE 100 gained 0.59%.
Market And Sector Dynamics
Stocks opened the trading session, with the Dow up 177 points, Nasdaq jumped 80 points, and the S&P gained 20 points, in what can be described as a risk on session, accompanied by some sector rotation.
Today's rally was broad based, and markets remained elevated for the entire session, led broadly by the technology sector, including the FAANGs.
No doubt, investors were positive about the UTX Raytheon merger of equals, and the Salesforce.com, Tableau $15.7 billion merger, announced this morning.
Factors Influencing Today's Market
United Technology merger with Raytheon, and Salesforce.com deal to by Tableau was a positive for markets today.
Investor are speculating that the Fed will cut rates, perhaps in July.
JOLTS for April came in better than expected 7.449 million vs 7.400 million.
Asian and European markets closed their sessions higher.
Market Close Volume Traded And Advance Decline Ratio
Market closed today's session well off the highs of the day. The Dow was up 78.74 points, Nasdaq rose 81.06 points, and the S&P added 13.39 points. Total NYSE volume traded, a moderate 3.26 billion shares. Advancing shares outpaced Declining shares by 1.53:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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