Friday's Market Recap - Stocks Rally To Record Levels On Strong US Data And Dovish Fed.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately elevated at this hour. Dow futures are up 79 points, Nasdaq futures up 18.20 points, and S&P futures up 6 points. Asian stocks were up overnight.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.12%, up 0.06%.
Currency Desk:
Euro dollar:1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $60.31/barrel, up 0.18%.
On the Earnings Calendar:
Major Banks begin reporting second quarter earnings starting on Monday.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were modestly up. Japan (Nikkei 225) 0.20%, Shanghai up 0.44%, Hong Kong (Hang Seng) added 0.14%.
Major European markets were mixed. German (DAX) slipped 0.07%, France CAC 40 up 0.38%, London FTSE 100 down 0.05%.
Market And Sector Dynamics
Stocks opened moderately higher this morning. The Dow rose 84 points, Nasdaq gained 12 points, and the S&P added 4 points, adding to the record highs reached by the indices, after yesterday's close. Following release of the solid employment number last week, investors have treated to, a slew of other solid pieces of positive economic data, suggesting economic growth remains solid. Add to that a very dovish Fed, which has sent markets higher.
Stocks remained solidly elevated for the entire trading session, ticking higher into the close of the session.
Today's rally was broad based. Eight of the eleven S&P sectors closed the day with gains, led by Industrials, Consumer Discretionary, Basic Materials, Technology, Communication Services, Financials, Energy, and Consumer Staples.
Factors Influencing Today's Market
A risk on session, driven by a dovish Fed, and strong US economic data.
US 10 Year Bond Yield ticked up in the last 2 days, close today at 2.124%, down 0.89%.
WTI crude oil was mostly unchanged today, closing up 0.02% at $60.21/barrel.
June PPI came in on consensus at 0.1%.
Major Asian markets were modestly up, while European stocks were lower.
This week's Baker Hughes Oil Rig Count fell 4 rigs to 784 rigs.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session, the major indices were all higher. The Dow surged 243.95 points, Nasdaq rose 48.10 points, and S&P added 13.86 points. Total NYSE volume traded, a light 2.99 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments