Monday's Market Recap - One Merger, And A Reoganization Boost Today's Trading.
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are modestly higher ahead of the start of trading. Dow futures up 16 points, Nasdaq futures up 10.25 points, and the S&P futures up 2 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield 2.09% unchanged.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $52.15/barrel, down 0.69%.
On the Earnings Calendar:
None
In M&A News:
Pfizer announced today, that it is buying Array Pharma, for $10.64 billion. This purchase is aimed at bolstering the company's Cancer Drug Portfolio. Sotherby's is being taken private by French magnate, Patrick Drahi.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) slight up, 0.03%, Shanghai down 0.79%, Hong Kong (Hang Seng) up 0.40%.
Major European markets closed mixed. German (DAX) down 0.09%%, France CAC 40 up 0.43%, London FTSE 100 up 0%
Market And Sector Dynamics
Stocks opened the trading session slightly lower, but turned higher a short time later, and gained upward momentum as the session progressed. modestly higher. Five minutes after the open, the Dow was up 24 points, Nasdaq up 28 points, and the S&P up 5 points. Shares of Facebook are also on the rise this morning, after its recent announcement about it own cryptocurrency.
Stocks remained elevated for most of the session before pulling back slightly, shortly before the close of session.
Today's session was fairly positive, and balanced, with six of the eleven S&P sectors closed the day with gains, led by Real Estate, Communication Services, Energy, Healthcare, and Technology.
Basic Materials, Financials, Utilities, Industrials, and Consumer Staples were the days laggards.
Factors Influencing Today's Market
Two important mergers: Pfizer is buying Array BioPharma for nearly $11 Billion. While Sotherby's is being taken private by French Business magnate, Patrick Drahi in a deal worth $3.7 billion.
Shares of Facebook was a positive catalyst for markets today.
June Housing Market Index came in just short of expectations at 64 vs 67 expected.
WTI crude oil fell a moderate 1.10%, to close at $51.93/barrel.
US 10 Year Bond Yield closed at 2.09%, down 7 basis points.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading, market were modestly higher. The Dow added 22.92 points, Nasdaq rose 48.37 points, and the S&P was up 2.69 points. Total NYSE volume traded, a light 2.87 billion shares. Advancing shares outpaced Declining shares 1.22:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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