Monday's Market Recap - Stocks Surge On The President's Comment That China Wants A Deal.
What is The Premarket Telling Us?
7:30 AM.
Stock futures are pushing higher at this hour, after being down nearly nearly 300 points late on Sunday night. Dow futures are up 191 points, Nasdaq futures up 62 points, and S&P futures up 16 points. Stocks are cheering a unsubstantiated comments by President Trump, at the G7 meeting, that China called overnight, stating the wanted to make a deal. Investor seem willing to latched on to any hint of hope, that a US China trade deal could be struck.
On The Bond Desk:
The US 10 Year Bond Yield at 1.53%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $54.81/barrel, up 1.18%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were all solidly higher. Japan (Nikkei 225) 2.17%, Shanghai down 1.17%, Hong Kong (Hang Seng) down 1.91%.
Major European markets ended their sessions mixed. German (DAX) 0.40%, France CAC 40 up 0.45%, London FTSE 100 down 0.47%.
Market And Sector Dynamics
Stocks opened the trading day 'risk on' mode. The Dow surged 304 points, Nasdaq soared 85.44 points, and the S&P up 26.85 points. Stocks are buoyed by unsubstantiated comments by President Trump, that China called overnight to say the want to make a deal.
Markets continued higher with the Dow reaching a higher of 312 points, shortly after midday. Even with the inversion of the US 2 and and 10 Year Bond Yields could quell the rally. At the low, the Dow was up only 82 points.
Today's rally was broad based, with all eleven S&P sectors recording gains at the close, led by Technology, Utilities, Consumer Staples, Financials, Consumer Discretionary, Real Estate, Healthcare, Industrials, and Energy.
Factors Influencing Today's Market
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the major indices were higher. The Dow rose 269.93 points, Nasdaq gained 101.97 points, and the S&P gained 31.27 points. Total NYSE volume traded, a light 2.87 billion shares. Advancing shares outpaced Declining shares better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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