Thursday's Market Recap - Geopolitical Issues In Iran Sends Crude Oil Higher.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately higher this morning. Dow futures up 73 points, Nasdaq futures up 34 points, and S&P futures up 8.50 points. Geopolitical issues taking center stage this morning, with the attack on a couple of tankers, passing through the Strait of Hormuz, being blamed on Iran. Iran has denied those accusations.
The US 10 Year Bond Yield 2.13%, down 0.01%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $52.52/barrel, up 2.70%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly flat. Japan (Nikkei 225) fell 0.46%, Shanghai up 0.05%, Hong Kong (Hang Seng) down 0.05%.
Major European markets traded higher. German (DAX) gained 0.44%, France CAC 40 up 0.01%, London FTSE 100 up 0.01%.
Market And Sector Dynamics
Stocks opened the session higher, with the Dow up 90 points, Nasdaq up 30 points, and the S&P up points. Crude oil up after attack on tankers in the Strait of Hormuz. WTI up early at $52.95/barrel, up 3.52%.
Markets cooled during the midpoint of the morning session, but quickly rebounded and remained solidly elevated for the rest of the session.
Today's rally was broad based with ten of the eleven S&P sectors ending with gains, led by Energy, Communication Services, Consumer Discretionary, Basic Materials, Industrials, Financials, Technology, and Utilities.
Factors Influencing Today's Market
Geopolitical issues takes center stage as two tankers were attacked in the Strait of Hormuz, near Iran. The Iran has denied any knowledge of the attacks.
Crude oil prices surged on news of these tanker attacks.
Asian markets were mostly flat overnight, while major European market were modestly higher.
WTI crude oil traded higher traded higher today, closing at $52.28/barrel, up 2.23%.
This week's Jobless Claim rose 3,000 claims to 222,000 claims, still hovering a historic lows.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading market were higher. The Dow gained 101.94 points, Nasdaq gained 44.41 points, and the S&P rose 11.80 points. Total NYSE volume traded. Less than 3 billion shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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