Wednesday's Market Recap - Optimism On A Possible US China Trade Deal Sends Stocks Higher.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are nicely higher at this hour, indicating markets may be set to recoup some of yesterday's losses, at the open. Dow futures are up 199 points, Nasdaq up 78 points, and the S&P rose 25 points. Asian markets were mostly lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.54%. Down 0.01%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $53.09 barrel, up 0.87%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly lower. Japan (Nikkei 225) down 0.61%, Shanghai up 0.39%, Hong Kong (Hang Seng) down 0.81%
Major European markets were higher. German (DAX) gained 1.04%, France CAC 40 rose .078%, London FTSE 100 up .033%.
Market And Sector Dynamics
Markets opened solidly higher. The Dow soared 150 points, Nasdaq gained 70 points, and the S&P was up 20 points. A hint of optimism around the US China trade talks is pushing stocks higher. All 11 S&P sectors jumped higher, early.
Stocks climbed steadily from the opening bell, and was positive for the entire session. At the high of the day, the Dow was up more than 260 points. Stocks pulled back mildly, just before the close of trading.
Today's rally was broad based, with all eleven S&P sector closing with solid gains, led by Technology, Energy, Basic Materials, Financials, Consumer Discretionary, Industrials, Consumer Staples, Healthcare, and Utilities.
Factors Influencing Today's Market
Investors enjoyed a hint of optimism around US China trade negotiations.
Asian markets were mostly down, but European stocks were higher.
August JOLTS Report shows job openings remained plenty at 7.051 million, but down 1.7% from the 7.174 print in August.
WTI Crude Oil slipped slightly today, and closed at $52.59/barrel, down 0.08%.
US 10 Year Bond Yield closed the day at 1.587%, surging 3.59%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading our markets were all solidly higher. The Dow gained 181.97 points, Nasdaq gained 79.96 points, and the S&P added 26.34 points. Total NYSE volume traded, a light 2.75 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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