Wednesday's Market Recap - Stocks Up Triple Digits On Trade Deal Optimism.
What is The Premarket Telling Us?
7:00 AM.
Based on how the futures are looking this morning, it seems investors are planning to reverse some of yesterday's losses. Dow futures are up 141 points, Nasdaq futures up 52 points, and S&P futures up 15 points. Asian stocks were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.71%, down 13 basis points.
Currency Desk:
Euro dollar:1.10
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $56.32/barrel, up 0.59%.
On the Earnings Calendar:
Salesforce.com reported solid earnings results.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.86%, Shanghai down 0.23%, Hong Kong (Hang Seng) down 1.25%.
Major European markets traded higher. German (DAX) gained 1.16%, France CAC 40 up 1.27%, London FTSE 100 up 0.42%.
Market And Sector Dynamics
Markets opened higher. The Dow surged 140 points, Nasdaq gained 42 points, and the S&P added 16 points, despite a disappointing print on November, ADP employment, which showed 67,000 private payroll jobs were created, compared with the 180,000 expected. Also helping markets this morning is a comment from the President in London, that China talks are going nicely.
Stock remained at these elevated levels for the entire trading session, shaking off the disappointing ADP number.
Today's session was mostly positive, and the rally was was fairly broad based, with ten of the eleven S&P sectors closing with decent gains, led by Energy, Financials, Healthcare, Utilities, Consumer Staples, Communication Services, Consumer Discretionary, and Technology. Basic Materials was the only sector in the red, today, but only slightly.
Factors Influencing Today's Market
Passing comments from the President in London, that negotiations with China was going nicely.
Better than expected earning report from Salesforce.com, but shares of the company closed lower.
Asian markets closed mixed, while Europe markets ended with decent gains.
WTI Crude Oil price jumped 4.15% today, to close at $58.43/barrel.
This week's EIA Petroleum Status Report shows US Crude Oil Inventories fell 4.9 million barrels.
The US 10 Year Bond Yield soared to 1.778%, up 3.55%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the major indices were higher. The Dow gained 146.97 points, Nasdaq rose 46.03 points, and the S&P rose 19.56 points. Total NYSE volume traded, 3.73 billion shares. Advancing shares outpaced Declining shares by 2.23:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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