Thursday's Market Recap - Stocks Buoyed By A Dovish Fed And Strong US Data Surges To Record Leve
What is The Premarket Telling Us?
7:00 AM.
Stock futures are modestly higher, two and a half hours before the start of trading. Dow futures up 62 points, Nasdaq futures up 20 points, and S&P futures up 6.50 points. Asian markets were higher ovenight. Today, Fed Chair Powell, repeats his testimony on Capitol Hill,but this time, before the Senate. Most healthcare stocks are higher early, as the Trump Administration backs off pulling the plug on drug industry rebates to Prescription Benefit Managers, within the industry.
On The Bond Desk:
The US 10 Year Bond Yield at 2.06%, up 0.01%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $60.73/barrel, up 0.50%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets traded higher overnight. Japan (Nikkei 225) rose 0.51%, Shanghai up 0.08%, Hong Kong (Hang Seng) up 0.81%.
Major European markets were down. German (DAX) down 0.33%, France CAC 40 down 0.28%, London FTSE 100 down 0.28%.
Market And Sector Dynamics
Stocks opened today's session mostly positive. Forty five minutes after the open, the Dow was up 105 points, Nasdaq down 2 points, and the S&P up 2.88 points.
Markets ticked higher shortly before noon, and remained at those elevated levels for the rest of the session, and strengthened into the close.
Today's rally was broad based, with nine of the eleven S&P sectors closing the session with modest gains, led by Industrials, Financials, (enjoying a bump in bond yields), Basic Materials, Technology, Consumer Staples, Energy, and Consumer Discretionary. Real Estate was the losing sector today.
Factors Influencing Today's Market
Fed Chair continued his dovish testimony today, this time before the Senate Banking Committee.
US 10 Year Bond Yield closed higher at 2.143%, up 3.98%.
WTI crude oil closed slightly lower at $60.20/barrel, down 0.38%.
June CPI came in flat at 0.1% vs 0.1% in May.
This week's Initial Jobless Claims fell 13,000 claims to 209,000.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow jumped 227.88 points, Nasdaq slipped 6.49 points, and the S&P added 6.84 points. Total NYSE volume traded, a modest 3.15 billion shares. Advancing and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments