Tuesday's Market Recap - Better Than Expected Bank Earnings Push Stocks Higher
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately higher in the early going. Dow futures up 130 points, Nasdaq 25.50 points, and S&P up 12.25 points. Asian markets were mixed, while we slept.
On The Bond Desk:
The US 10 Year Bond Yield at 1.73%, down 0.02%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $52.99/barrel, down 1.12%.
On the Earnings Calendar:
JPMorgan, Goldman Sachs, Wells Fargo, CitiBank reported third quarter results this morning.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets close mixed. Japan (Nikkei 225) up 1.87%, Shanghai down 0.56%, Hong Kong (Hang Seng) down 0.07%.
Major European markets were mostly higher. German (DAX) gained 1.15%, France CAC 40 up 1.05%, London FTSE 100 down 0.03%.
Market And Sector Dynamics
Markets opened solidly higher. The Dow shot up 136.11 points, Nasdaq rose 29.95 points, and the S&P up 12.60 points. Stocks are buoyed by better than expected 3rd Qtr. earning reports from the big banks - JPMorgan, Goldman Sachs, Well Fargo and CitiBank. Healthcare giant United Healthcare also handily topped earnings expectations, sending share of these companies higher.
Adding to positive market sentiment are reports of some encouraging news coming out of Britain, regarding Brexit.
In the morning session, the Dow reached a high of 332 points, while markets remained elevated for the entire trading session. Financials, Healthcare, Communication Services, Industrials, Materials, and Technology dominated the session.
Factors Influencing Today's Market
Better than expected third quarter earning from the big banks - JPMorgan, Goldman Sachs, Wells Fargo, and CitiBank.
Blowout third quarter earnings from United Healthcare.
Encouraging news about Brexit negotiations.
Crude Oil prices lost ground today. WTI Crude closed at $52.81/barrel, down 1.46%.
US 10 Year Bond Yield closed at 1.771%, up 3.26%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day, stock were higher. The Dow gained 237.44 points, Nasdaq rose , and the S&P added 29.53 points. Total NYSE volume traded, Total NYSE volume traded, a light 3.33 billion shares. Advancing shares outpaced Declining shares by 1.80:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments