Wednesday's Market Recap - Stocks Soars After US Administration Chose Not To Respond To Iran Mis
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mildly positive at this hour. Dow futures up 17 points, Nasdaq up 24 points, and the S&P futures up 9 points. This is a surprising turn around since last last evening when Dow futures were down more than 400 points, after news reports that Iran had fired missiles at two American bases in Iraq. Stock futures moderated, after subsequent reports suggesting that no lives were lost, and damages were minimal.
On The Bond Desk:
The US 10 Year Bond Yield at 1.83%, up 0.02%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $62.78/barrel, up 0.13%.
On the Earnings Calendar:
Walgreens reported disappointing Q1 Earnings. Sales however, beat expectations.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were solidly lower overnight, as Iran fired missiles at US Bases in Iraq. Japan (Nikkei 225) fell 1.57%, Shanghai lost 1.22%, Hong Kong (Hang Seng) lost 0.83%.
Major European markets closed higher as Iran's missile attack on US Bases in Iraq resulted in minimum damage, and no loss of life. German (DAX) gained 0.71%, France CAC 40 up 0.31%, London FTSE 100 0.01%.
Market And Sector Dynamics
Stock opened flat to mixed, the Dow was down 36 points, Nasdaq up 6 points, and the S&P up 1 points. WTI Crude Oil price at $62.40/barrel, down 0.48%. The Dow turned around shortly after the open, as reports confirm no casualties and very little damage from the Iran missle attack in Iraq.
With the President scheduled to address the nation at 11:00 AM, investors are exercising some degree of caution, in early trading.
Markets climbed soared higher after the President's address, confirming the cooling of hostilities, for now, between the US and Iran. The Dow jumped more than 100 points higher, and remained elevated almost to the end of trading, and reaching an intra-day high of over 260 points. Shortly before the close a wave of selling entered market, pulling stock from their earlier high.
Today's rally was broad based and the gains were moderate across the eleven S&P sector. Technology, Communication Services, Healthcare, Financials, Basic Materials, Consumer Staples, Real Estate, and Industrials closed higher. Energy was the lagging sector in the session.
Factors Influencing Today's Market
US decision not to respond to Iran's launching of missiles into US Bases in Iraq, sends markets higher.
Walgreens reports disappointing Q1 financial results. Earnings were weak, but sales outpaced expectations.
This week's US Crude Oil Inventory rose 1.2 Million barrels.
WTI Crude Oil price closed at $59.61/barrel, down 4.93%.
US 10 Year Bond Yield at 1.874%, rose 3.48% in today's session.
Major Asian markets close with solid losses today.
European market closed with gains.
Market Close Volume Traded And Advance Decline Ratio
Stocks closed with solid gains today as both US and Iran chose to stand down from the brink of outright war. The Dow soared 161.41 points, Nasdaq gained 60.66 points, and the S&P rose 15.87 points. Total NYSE volume traded, a light 3.72 billion shares. Advancing shares outpaced Declining shares by 1.46:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments