Friday's Market Recap - An Increasingly Nervous Market Adds Another Day Of Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all green at this hour, indicating another bullish open for stocks when the trading begins. Dow futures up 81 points, Nasdaq futures up 34 points, and S&P futures up 8 points. Overnight, China's reported a better than expected 6.1% rise in GDP. Asian markets traded higher on the news.
On The Bond Desk:
The US 10 Year Bond Yield at 1.81%, up 0.02%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at at $58.92/barrel, up 0.68%
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with modest gains. Japan (Nikkei 225) gained 0.45%, Shanghai added 0.05%, Hong Kong (Hang Seng) was up 0.60%.
Major European markets were solidly higher. German (DAX) gained 0.72%, France CAC 40 jumped 1.02%, London FTSE 100 rose 0.85%.
Market And Sector Dynamics
Stocks opened moderately positive, with the Dow up 35 points, Nasdaq rose 34 points, and the S&P was up 6 points. All three indexes are currently trading at all time highs. WTI Crude Oil is also slightly higher at $56.66/barrel, up 0.26%.
China reported a better than expected 6.1% GDP, and this morning's, which is a positive for stocks this morning. Also helping markets this morning is a better than expected 17%, month over month December Housing Starts, which suggests housing may be getting better.
Stocks jumped higher an hour after the open, with the Dow climbing to 76 points, and within an hour, the Dow was back at the flat line, giving up all the morning's gains. Markets did return to positive territory, but remained choppy for the rest of the session.
Today's rally was mostly positive. Nine of the eleven S&P sectors traded higher, led by Communication Services, Utilities, Technology, Basic Materials, Financials, Consumer Discretionary, and Consumer Staples. Energy was the laggard in today's session.
Factors Influencing Today's Market
Better than expected December US Housing Starts Data.
China GDP rose 6.1 and was better than expected.
WTI Crude Oil price closed slightly up at $58.54/barrel, up 0.03%.
This week's Baker Hughes US Oil Rig count jumps 14 rigs, to 673 total.
US 10 Year Bond Yield ticked moderately higher at 1.809%, up 1.29%.
Major Asian markets closed with slight gains, while European markets were decidedly higher.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the major indexes were moderately higher. The Dow gained 50.46 points, Nasdaq rose 31.81 points, and the S&P rose 12.81 points. Total NYSE volume traded, a modest 3.73 billion shares. Advancing shares and Declining shares were mostly even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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