Tuesday's Market Recap - Another Risk On Day As Investors Pivot To Earnings And Market Fundament
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately up. Dow futures up 63 points, Nasdaq futures up 38 points, and the S&P added 9 points. Asian market are most closed for an extended Lunar New Year Holiday, due to the outbreak of the coronavirus.
On The Bond Desk:
The US 10 Year Bond Yield at 1.60%, up 0.04%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.30
Crude Oil:
WTI crude oil futures @ $53.84/barrel, up 0.67%.
On the Earnings Calendar:
Whirlpool and United Technologies beat Q4 Earnings expectations.
3M and Pfizer reported disappointing Q4 Earnings expectations.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets are mostly closed for extended Lunar New Year Holidays, due to the coronavirus. Japan (Nikkei 225) fell 0.55%, Shanghai closed%, Hong Kong (Hang Seng) %
Major European markets were meaningfully higher. German (DAX) gained 0.90%, France CAC 40 up 1.07%, London FTSE 100 up 0.93%.
Market And Sector Dynamics
Markets opened for trading solidly higher, with the Dow up 82 points, Nasdaq surged 70 points, and the S&P gained 15 points. With coronavirus still lurking in the background, and with no new US cases announced today, investors have turned their attention this busy week of corporate earnings. Apple reports after the bell, this evening. United Technologies, and Whirlpool reported better than expected earnings, and is a positive catalyst for the markets. On the other hand 3M, and Pfizer missed expectations.
WTI Crude Oil prices is off to another weak start, at $54.74/barrel, down 0.51%, while the US 10 Year Bond Yield at 1.617/barrel.
Stocks gaped higher during the morning session and remained elevated into the close of trading.
Today's rally was broad based and very positive, with all eleven S&P sectors closing in positive territory, led by Technology, Communication Services, Financials, Consumer Discretionary, Basic Materials, Industrials, Healthcare, Energy, Utilities, and Real Estate.
Factors Influencing Today's Market
A mixed day of Q4 Earnings, even as most investors are expecting a solid earnings report from Apple, after today's close.
Asian markets, except Japan, are closed for the Lunar New Year, which has been extended due to the outbreak of the coronavirus in Wuhan, China.
European markets closed with solid gains, as Britain anticipate leaving the European Union, on January 31st.
WTI Crude Oil price closed at $53.77/barrel, up 1.19%.
US 10 Year Bond Yield ticked higher at 1.649%, up 2.35%.
December Durable Goods Orders came in at 2.4% M/M, but (-0.1%) ex-transportation.
January Consumer Confidence came in at 131.6 vs 127.8 consensus estimate.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were solidly higher. The Dow soared 187.05 points, Nasdaq gained 130.37 points, and S&P added 32.61 points. Total NYSE volume traded, a modest 3.47 billion shares. Advancing shares outpaced Declining shares by 2.27:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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