Wednesday's Market Recap - Signs Of Growth In China's Service Sector Boost US Stocks.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are convincingly positive at this hour, as investors cheer news from Hong Kong that the Administration will fully drop its decree than folks charged in Hong Kong be transferred to the mainland for trial. Dow futures are higher by 195 points, Nasdaq up 76 points, and S&P futures up 22 points. Major Asian markets were higher overnight. Also helping the futures this morning, some positive economic date, showing that in August, China's Service sector grew at the fast rate, in years, which is helping to push crude oil prices higher.
On The Bond Desk:
The US 10 Year Bond Yield at 1.47%, down 0.04% or four basis points.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.21
Crude Oil:
WTI crude oil futures at $54.45%/barrel, up 0.95%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed up. Japan (Nikkei 225) up 0.12%, Shanghai gained 0.93%, Hong Kong (Hang Seng) up up 3.90%.
Major European markets traded higher. German (DAX) 0.96%, France CAC 40 up 1.21%, London FTSE 100 up 0.59%.
Market And Sector Dynamics
Stocks opened the first trading day of September solidly higher, with the Dow surging 201.21 points, Nasdaq gaining 70.61 points, and the S&P adding 22.57 points. Positive new coming out of Hong Kong, and better than expected growth in China's Service Sector, for the month of August.
Stocks continued to surge higher after the open, and remained elevated for the entire trading session, as investor seem in a risk on mode, forcing markets higher.
Today's market tone was very positive, and the rally was broad based, with all eleven S&P sectors ending the day with solid gains, led by Technology, Communication Services, Energy, Industrials, Financials, Basic Materials, Consumer Staples, Consumer Discretionary, and Real Estate.
Factors Influencing Today's Market
Report that China's Service Sector grew at a faster clip than expected in Augusts.
Potential easing of tensions in Hong Kong, after the government cancelled the extradition measure they tried to implement.
Asian shares were solidly higher overnight.
WTI Crude Oil closed the day at $56.26/barrel, up 4.30% on the day.
US 10 Year Bond Yield closed at 1.471%, up 0.62%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were higher. The Dow gained 237.45 points, Nasdaq rose 102.72 points, and the S&P gained 31.51 points. Total NYSE volume traded, a light 3.16 billion shares. Advancing shares outpaced Declining shares by 4.21:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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