Monday's Market Recap - A 'Risk On' Rally To Celebrate
What is The Premarket Telling Us?
7:00 AM.
US stock futures are highly elevated, after the US and China trade truce agreed to by Trump and Xi, on the sides of the G 20 Summit in Japan. Dow futures are up 281 points, Nasdaq futures up up 136 points, and S&P futures up 34 points. The futures are indicating a strong 'risk on' open.
On The Bond Desk:
The US 10 Year Bond Yield at 2.00%, unchanged..
Currency Desk:
Euro dollar:1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $59.86/barrel, up 2.38%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were mostly higher overnight. Japan (Nikkei 225) up 2.13%, Shanghai gained 2.22%, Hong Kong (Hang Seng) lost 0.28%.
Major European markets also closed with gains. German (DAX) gained 0.99%, France CAC 40 up 0.52%, London FTSE 100 up 0.97%.
Market And Sector Dynamics
Markets opened strong to the upside, with the Dow surging 252 points, Nasdaq soared 139 points, and the S&P gained 34 points, (a new record high). Shares of technology companies, like chips/semiconductors are leading the rally, as well as banks and other financial shares.
WTI crude oil jumped to $59.87/barrel,up 2.34%.
At the high, the Dow was up 290 points, early in the morning session. Stocks gradually lost momentum as throughout the morning and mid-afternoon session, where the Dow was up a mere 20 points. Markets did regain some momentum in the last hour of trading, up into the close.
Today's rally was fairly broad-based, with nine of the eleven S&P sectors closing the session with moderate gains, led by Technology, Financials, Consumer Discretionary, Communication Services, Basics Materials, Healthcare.
Factors Influencing Today's Market
Investor get a chance to cheer the US China trade truce reached over the weekend between Trump and Xi.
Asian and European markets also ended their sessions with strong gains.
WTI crude oil price slipped today, to close at $59.17/barrel, down 0.6%.
US 10 Year Bond Yield closed at 2.027%, down 0.85%.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, market were higher. The Dow gained 117.47 points, Nasdaq rose 84.92 points, and the S&P was up 22.57 points (a new record high). Total NYSE volume traded,
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments