Friday's Market Recap - Stocks Up On Strong Earnings, And Better Than Expected GDP.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are all green this morning, responding to strong earnings from Alphabet, and Intel, after the closing bell yesterday, combined with better than expected earnings from Twitter, and McDonald, before the opening bell this morning. Dow futures are up 79 points, Nasdaq futures up 34 points, and the S&P up 9.25 points.
On The Bond Desk:
The US 10 Year Bond Yield at 2.07%, up 0.02% or two basis points.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.24
Crude Oil:
WTI crude oil futures sits at $56.46/barrel, up 0.79%.
On the Earnings Calendar:
Alphabet, and Intel reported strong quarterly results, after the bell yesterday.
Twitter and McDonald also reported strong results before the start of trading this morning.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mostl lower. Japan (Nikkei 225) down 0.45%, Shanghai up 0.24%, Hong Kong (Hang Seng) down 0.69%.
Major European markets closed with moderate gains. German (DAX) up 0.47%, France CAC 40 up 0.57%, London FTSE 100 up 0.80%
Market And Sector Dynamics
Markets opened mixed. The Dow added 20 points, Nasdaq gained 53 points, and S&P was up 10 points. Today was another strong day of second quarter of earnings results. Alphabet, Intel, and Starbucks, reported strong earnings after the close yesterday, and this morning Twitter and McDonald, did the same, pushing the shares of all these companies solidly higher.
On the other hand, Amazon reported a mixed earnings picture, with strong revenues, but earnings were less than expected, as the company overshot spending estimates for one day shipping. Share of the company traded lower in the session.
After a brief dip into negative territory, midway through the morning session, but rebounded a short while later, and remained modestly positive in the early afternoon, before climbing significant higher, shortly before the close.
The Communication Services sector was the outperformer in today's session.
Factors Influencing Today's Market
Strong second quarter earning results from Alphabet GOOGL, Intel, McDonalds, Starbux, and Twitter.
Mixed second quarter earnings results from Amazon.
Final read on Second Quarter GDP came in at 2.1% vs 1.95 expected, and down from 3.1 in Q1.
US 10 Year Bond Yield closed the day at 2.074%, down 0.43%.
WTI crude oil closed at $56.20/barrel, up 0.32%.
Baker Hughes US Oil Rig Count fell 3 rigs to 776.
Market Close Volume Traded And Advance Decline Ratio
At the end of the session, markets were higher. The Dow gained 51.47 points, Nasdaq surged 91.67 points, and the S&P rose 22.19 points. Total NYSE volume traded, a light 3.25 billion shares. Advancing shares outpaced Declining shares 2.16:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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