Thursday's Market Recap - Modest Rally Based On Netflix Earnings, And Britain EU Brexit Deal.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately positive, two and a half hours before the start of trading. Dow futures are up 80 points, Nasdaq futures up 25 points, and the S&P futures up 8.50 points. Asian markets closed mixed. It appears Britain and the European markets have arrived at a deal. The next hurdle is, that Prime Minister Boris Johnson, has to get it passed by Parliament.
On The Bond Desk:
The US 10 Year Bond Yield at 1.75%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.28
Crude Oil:
WTI crude oil futures $52.83/barrel, down 0.09%.
On the Earnings Calendar:
Netflix reported better than expected Q3 earnings after the bell yesterday afternoon.
CSX Railroad also beat earnings Q3 earnings expectations.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 0.09%, Shanghai lost 0.05%, Hong Kong (Hang Seng) gained 0.69%.
Major European markets were mixed. German (DAX) down 0.12%, France CAC 40 down 0.42%, London FTSE 100 up 0.20%.
Market And Sector Dynamics
Markets opened moderately lower. The Dow rose 78 points, Nasdaq rose 51 points, and S&P lost up 14 points. WTI crude oil is also lower early, currently at $52.99/barrel, down 0.69%.
Shares of Netflix are solidly higher, after reporting what investors perceived as better than expected third quarter earnings results.
At the high of the the Dow was up more than 120 points, around 10:00 AM, but fell into negative territory, shortly after midday. However it regained its momentum, and surged higher during the afternoon session.
Today's rally was broad based and market breath was good. Ten of the eleven S&P sectors closed the session with gains, led by Healthcare, Real Estate, Communication Services, Industrials, Consumer Staples, and Consumer Discretionary.
Factors Influencing Today's Market
Britain and the European Union have struck a Brexit deal, potentially removing one hurdle for investors.
Netflix and CSX reported better than expected third quarter earnings performance.
WTI Crude Oil closed at $53.93/barrel, up 1.07%.
This weeks EIA Petroleum Status Report shows US crude oil inventories rose 9.3 million barrels to 434.9 million barrels, more than 4.4% rise year over year.
US 10 Year Bond Yield closed the day at 1.750%, up 0.29%.
Initial Jobless Claims jumped 4,000 to 214,000 claims.
Market Close Volume Traded And Advance Decline Ratio
Stocks closed today's session modestly higher. The Dow gained 23.90 points, Nasdaq fell 32.67 point, and the S&P added 8.26 points. Total NYSE volume traded, a light 3.12 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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