Tuesday's Market Recap - Stocks Continue To Grind Higher On Trade Deal Optimism.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mostly neutral in the premarket, while major Asian market added slight gains overnight. Investors remain hopeful that a US China phase 1 deal is still possible, and that no further US tariffs will go into effect in December.
On The Bond Desk:
The US 10 Year Bond Yield 1.760%
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at 57.92/barrel.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed in their session. Japan (Nikkei 225) rose 0.55%, Shanghai up 0.03%, Hong Kong (Hang Seng) down 0.29%.
Major European markets were mostly flat. German (DAX) down 0.08%, France CAC 40 up 0.08%, London FTSE 100 up 0.09%.
Market And Sector Dynamics
Market opened the day with slight gains. The Dow added 12 points, Nasdaq was up 2 points, and the S&P was up 1 point. WTI crude oil was off to a positive start, at $58.28/barrel, up 0.45%.
Stock sank briefly shortly after the open, but quickly turned around after optimistic comments attributed to reliable sources in China, that a phase 1 trade deal could be imminent, helping stocks to remain comfortable in positive territory for the entire trading session.
Today's session was moderately positive, with eight of the eleven S&P sectors recording modest gains. Real Estate, Consumer Staples, Consumer Discretionary, Basic Materials, Utilities, Communication Services, and Industrials, were the leaders. Energy was the main laggard in today's session.
Factors Influencing Today's Market
Optimism that a phase 1 trade deal will be signed.
WTI Crude Oil price closed at $58.41/barrel, up 0.69%.
US 10 Year Bond Yield closed at 1.747%, down 0.31%.
October New Home Sales came in better than expected at 733K vs 707K Consensus estimate.
November Consumer Confidence fell slightly to 125.5 vs 126.9 expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the major indices were all at new record levels. The Dow gained 55.21, Nasdaq gained 15.44 points, and the S&P added 6.88 points. Total NYSE volume traded, a moderate 4.71 billion shares. Advancing shares outpaced Declining shares by 1.18:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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