Monday's Market Recap - Risk On Session As Investors Cheer US Efforts To Contain Coronavirus.
What is The Premarket Telling Us?
7:00 AM.
After Friday's massive 600 plus point selloff, investors appear inclined to claw back at least some of those losses, at today's open. Dow futures up 108 points, Nasdaq futures up 45 points, and S&P futures are up 14 points. China's markets are back to full strength after the extended Lunar Holidays necessitated by the outbreak of the coronavirus. The Chinese authorities have injected a massive amount of liquidity into their system.
On The Bond Desk:
The US 10 Year Bond Yield at 1.52%, 0.04%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $51.78/barrel, up 0.43%.
On the Earnings Calendar:
Alphabet, the parent of Google reports Q4 Earnings results after the closing bell today.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mostly lower. Japan (Nikkei 225) down 1.01%, Shanghai fell 7.72%, Hong Kong (Hang Seng) added 0.17%.
Major European markets closed solidly higher. German (DAX) up 0.49%, France CAC 40 up 0.45%, London FTSE 100 up 0.55%.
Market And Sector Dynamics
Stocks opened nicely higher to begin the trading session, as investors attempt to claw back some of Friday's massive losses. The Dow surged 129 points, Nasdaq jumped 48 points, and the S&P gained 13 points. Overnight, Asian markets were mostly lower, after China's markets opened for the first time since the outbreak of the coronavirus.
WTI crude oil opened lower at $51.12/barrel, down 0.85% continues to decline, along with the 10 year bond yield.
Shares of Tesla was a standout in today's session, as investors can't get enough of the electric car manufacturer.
Stocks remained decidedly elevated for the entire session, and market tone was very positive.
Today's rally was broad based, with eight of the eleven S&P sectors closing the day with gains, led by Basic Materials, Technology, Communication Services, Healthcare, Financials, Consumer Discretionary, and Utilities. Energy was the main laggard in today's session.
Factors Influencing Today's Market
Coronavirus continues remains a market backdrop, number of deaths and cases continue to rise in China.
Asian markets were weaker on their first trading day back since the outbreak of the coronavirus.
US investors now appear more confident that the administration now has taken the necessary to minimize an outbreak here in the US.
WTI Crude Oil was weaker today, and closed at $49.91/barrel, down 2.23%.
US 10 Year Bond Yield closed at 1.520%, up 0.34%.
Market Close Volume Traded And Advance Decline Ratio
At the close, the markets were higher. The Dow gained 143.78 points, Nasdaq gained 122.47 points, and the S&P rose 23.40 points. Total NYSE volume traded, a light 3.82 billion shares. Advancing shared outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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