Tuesday's Market Recap - Dow Hits Record New High.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mildly higher at this early hour. Dow futures up 63 points, Nasdaq futures up 20 points, and S&P futures up 5 points. Asian markets closed with gains overnight. Continued optimism around US China trade deal, and easing of recession fears, and better than expected corporate earnins, seems to be driving investor sentiment in the last few days, and have pushed markets into new record territory.
On The Bond Desk:
The US 10 Year Bond Yield at 1.79%, up 0.06%
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $56.93/barrel, up 0.69%.
On the Earnings Calendar:
Strong Q3 Earnings results from biotechnology company, Regeneron Pharmaceutical Inc. The company handily beat earnings and revenue estimates.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) up 1.76%, Shanghai gained 0.54%, Hong Kong (Hang Seng) 0.49%
Major European markets closed with gains. German (DAX) 0.09%, France CAC 40 up 0.39%, London FTSE 100 up 0.25%.
Market And Sector Dynamics
Stocks were modestly higher at the open. The Dow gained 52 points, Nasdaq rose 9 points, and the S&P rose 2.8 points.
Markets were mostly volatile during the morning session, moving from modestly positive territory, and back to the flat line, as investors search for a new catalyst to propel stocks higher.
Stocks pushed higher in the early afternoon, and remained at those elevated levels, before losing some momentum shortly before the close. At the high of the day the Dow was up around 95 points.
Market breath was fairly balance, with six of the eleven S&P sectors closing the session with gains, led by Energy, Financials, Basic Materials, Consumer Staples, Industrials, and Consumer Discretionary. Real Estate, Utilities, and Healthcare were the big laggards in the session.
Factors Influencing Today's Market
Continued optimism about signing of a US China phase 1 deal.
Strong Q3 Earning results from Regeneron.
Asian and European markets rallied in their sessions.
WTI Crude Oil prices closed at $57.23/barrel, up 1.22%.
US 10 Year Bond Yield closed at 1.857%, up 4.33%.
October PMI Services Index fell slightly 50.6 vs 50.9 (Sept), and the 51 estimated.
September JOLTS report at 7.024 vs 7.301 (revised August).
Market Close Volume Traded And Advance Decline Ratio
When trading ended today, stocks were mildly higher. The Dow added 30.52 points, Nasdaq added 1.48 points, and the S&P slipped 3.65 points. Total NYSE volume traded a moderate 4.46 billion shares. Declining shares outpaced Advancing shares by 1.14:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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