Monday's Market Recap - Risk On Session Despite Pressure From Boeing.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately higher to begin the new week of trading. Dow futures up 41 points, Nasdaq futures up 36 points, and S&P futures up 11 points. Asian stock were mostly muted overnight on some skepticism around the China trade deal.
On The Bond Desk:
The US 10 Year Bond Yield 1.82%, down 0.08%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $60.06/barrel, down 0.02%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended lower. Japan (Nikkei 225) down 0.29%, Shanghai up 0.56%, Hong Kong (Hang Seng) down 0.65%
Major European markets. German (DAX) up 0.94%, France CAC 40 gained 1.23%, London FTSE 100 2.25%.
Market And Sector Dynamics
Markets opened for trading solidly higher, with the Dow surging 93 points, Nasdaq up 55 points, and the S&P gained 17 points. WTI Crude Oil price was also mildly higher at $60.20/barrel, up 0.02%.
Stocks surged even higher during the morning session, which saw the Dow reaching a high of 212, points, despite a fall in shares of Boeing, causing was a drag of around 70 points on the Dow.
Market breath was great, with advancing shares outpacing declining shares by 5:1, and all 11 sector of the S&P trading in positive territory.
The upward momentum gradually waned during the afternoon session, with the Dow holding on to about half the morning gains into the close.
Market breath remained solid in today's rally. Ten of the eleven S&P sectors ended the day in positive territory, led by Energy, Utilities, Healthcare, Communication Services, Technology, Real Estate, Basic Materials, Consumer Discretionary, and Financials. Industrials sector was flat to slightly negative.
Factors Influencing Today's Market
Risk on session, helped by a reduction of items on the wall of worry:
A first phase US China deal may be taking shape.
The Fed/FOMC seems to be on hold indefinitely
No sign of a recession on the horizon.
Elections in Britain completed, making Brexit more likely.
Asian markets were flat, while European markets closed higher.
Boeing shares weighed heavily on the Dow in today's session.
Market Close Volume Traded And Advance Decline Ratio
Stocks were pretty much unchanged at the end of today's trading. The Dow added 100.51 points, Nasdaq rose 79.35 points, and the S&P added 22.65 points. Total NYSE volume traded, a moderate 4.10 billion shares. Advancing shares outpaced Declining shares better than 2.23:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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