Monday's Market Recap - Dow Nasdaq And S&P Close At All Time Record Highs.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are solidly higher, two and an half hour before the start of trading. Dow futures are up 134 points, Nasdaq futures up 52 points, and S&P futures up 16 points. Asian markets rallied overnight, led by technology on optimism that pressure on China's technology giant, Huawei, imposed under the US China trade war, could be lifted soon.
On The Bond Desk:
The US 10 Year Bond Yield at 1.73%, up 0.04%, or four basis points.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $56.96/barrel, up 1.35%.
On the Earnings Calendar:
Under Armour reported Q3 results before the bell. The company beat analyst expectations. The company also announced that it is under a DOJ investigation about accounting irregularities, for the last two years.
Uber reports Q3 Earnings results after the closing bell, this evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mostly higher last night. Japan (Nikkei 225) lost 0.33%, Shanghai gained 0.58%, Hong Kong (Hang Seng) soared 1.65%
Major European markets were higher. German (DAX) up 1.40%, France CAC 40 up 1.18%, London FTSE 100 up 0.86%.
Market And Sector Dynamics
Markets opened the trading session decidedly higher. The Dow gained 140 points, Nasdaq gained 61 points, and the S&P gained 18 points. All three indices opened at record new highs. Reports that there may be some progress, with a China US trade deal.
Both Asian and European markets were higher in their sessions, providing positive sentiment for our own markets.
Stocks remained solidly elevated for the entire trading session. Market breath was fairly balanced, with seven of the eleven S&P sectors closing decidedly higher, led by Energy (up more than 3%), Industrials, Financials, Basic Materials, Technology, Communication Services, and Consumer Discretionary.
Factors Influencing Today's Market
Stocks rally on reports of progress in US China could sign the phase 1 deal.
Asian and European markets ended with positive sessions.
WTI Crude Oil close slightly higher, at $56.54/barrel, up 0.60%.
The US 10 Year Bond Yield closed at 1.780%, up 3.86%.
September US Factor Orders fell 0.6%, with Durable Goods down 1.2% largely due to the grounding of the Boeing 737-MAX.
Under Armour reported disappointing Q3 earning results, and revealed an ongoing SEC investigation into its accounting practices.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the major indices were higher. The Dow gained 114.75 points, Nasdaq gained 46.80 points, and the S&P rose 11.36 points. Total NYSE volume traded, a moderate 4.17 billion shares. Advancing shares outpaced Declining shares by 1.59:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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