Thursday's Market Recap - Another Record Close For The Dow, Nasdaq, And S&P.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all positive early, suggesting all the major market indices could open at new record levels. Dow futures are up 74 points, Nasdaq futures up 35 points, and S&P futures up 10 points. Asian markets were mostly mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.79%, down 0.03%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.30
Crude Oil:
WTI crude oil futures $57.92/barrel, up 0.19%.
On the Earnings Calendar:
Morgan Stanley reported blow out fourth quarter earnings.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mixed on Thursday. Japan (Nikkei 225) added 0.07%, Shanghai lost 0.52%, Hong Kong (Hang Seng) gained 0.38%.
Major European markets were mostly lower. German (DAX) down 0.02%, France CAC 40 rose 0.11%, London FTSE 100 down 0.43%.
Market And Sector Dynamics
Stocks opened with triple digit gains, with the Dow surging 130 points, Nasdaq jumped 53 points, and the S&P gained 15 points. Dow, Nasdaq, and S&P are currently trading at record highs. WTI Crude Oil price is up modestly at $58.15/barrel, up 0.59%.
A strong Q4 earnings quarter from Morgan Stanley, a solid December retail sales number is helping to push markets higher. Against the backdrop of yesterday's signing of the phase 1 trade deal between the US and China, the Fed potentially on a long hold, has given investors additional incentive to steadily push markets higher. Stocks were higher for the entire session, and gained even more momentum shortly before the close.
Today's rally was steady, and broad based. All eleven S&P sectors closed the session with moderate gains, led by Technology, Industrials, Consumer Discretionary, Real Estate, Financials, Communication Services, Utilities, Basic Materials, and Healthcare.
Factors Influencing Today's Market
New optimism around the completion and signing of the US China phase 1 deal.
Fed/FOMC on hold, seemingly for a long time, as inflation remains subdued.
Strong fourth quarter earning results form Morgan Stanley, helped to lift bank shares.
A better than expected December retail sales data.
US 10 Year Bond Yield end today at 1.809%, up 1.29%.
WTI Crude Oil price traded higher, ending the day at $58.52/barrel, up 1.23%.
This week's Initial Jobless Claims fell 10,000 to 204,000 claims.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, the Dow soared 267.42 points, Nasdaq soared 98.44 points, and the S&P gained 27.52 points. Total NYSE volume traded, a modest 3.58 billion shares. Advancing shares outpaced Declining shares by 2.40:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments