Thursday's Market Recap - Dow Up For Six Days In A Row.
What is The Premarket Telling Us?
8:00 AM.
US stock futures are higher at this hour, indicating a positive open. Dow futures are up 94 points, Nasdaq futures up 49 points, and the S&P up 10 points. Investors will turn their attention to Mario Draghi, and the European Central Bank, expected to announce their interest rate decision this morning.
On The Bond Desk:
The US 10 Year Bond Yield at 1.73%, up 0.03% or three basis points.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $56.32/barrel, down 0.77%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mixed overnight. Japan (Nikkei 225) gained 0.75%, Shanghai up 0.75%, Hong Kong (Hang Seng) slipped 0.26%
Major European markets closed higher. German (DAX) up 0.44%, France CAC 40 up 0.51%, London FTSE 100 added 0.09%.
Market And Sector Dynamics
Stocks opened the trading day moderately higher. The Dow gained 67 points, Nasdaq gained 43 points, and the S&P gained 9 points. Investors are cheering the a 0.10% interest rate cut, and a regime of quantitative easing by European Central Bank, and announced by Mario Draghi, this morning. A Bloomberg report suggesting that the US Administration was discussing, an interim trade agreement with China, including a delay of tariffs, is also helping to buoy the markets.
Around 11:00 AM., there was a report that the Administration had denied, any interim agreement with China, wiping out all market gains for the day. Markets did rebound an hour later, with the Dow up more than 110 points.
Stock continued higher for the rest of the session, before giving up a little more than half of the earlier gains, half an hour before the close of trading.
Large industrial companies such as Boeing, Caterpillar, and large technology companies accounted for most of today's gains.
Factors Influencing Today's Market
Conflicting stories that the US and China was considering an interim trade deal.
European Central Bank ten basis points hike in interest rates, and quantitative easing.
Asian and European markets traded mostly higher.
US 10 Year Bond Yield continues to rise, closed the day at 1.778%, up 1.83%.
WTI Crude Oil price closed at $55.09/barrel, down 1.18%.
US CPI for August came in as expected at 0.1% vs 0.3% for July.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, the Dow closed up 45.41 points, Nasdaq gained 24.79 points, and the S&P rose 8.64 points.Total NYSE volume traded, a moderate, 3.80 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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