Wednesday's Market Recap - Strong Quarterly Earnings, A Rise In Crude Oil Prices Pushed Stocks H
What is The Premarket Telling Us?
7:00 AM.
Stock futures are higher early in the premarket. Dow futures up 220 point, Nasdaq up 80 points, and the S&P up 24 points. Asian markets were decidedly higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.54%, up 0.08%.
Currency Desk:
Euro dollar: 1.10
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $50.80/barrel, up 2.40%
On the Earnings Calendar:
Strong quarterly earnings report from Disney, Michael KORS, and Nike.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed higher overnight . Japan (Nikkei 225) gained 1.56%, Shanghai rose 1.25%, Hong Kong (Hang Seng) added 0.42%.
Major European markets also closed higher. German (DAX) gained 1.48%, France CAC 40 rose 0.85%, London FTSE 100 up 0.57%.
Market And Sector Dynamics
Markets opened solidly positive, with the Dow up 250 points, Nasdaq up 61 points, and S&P up 26 points. Strong quarterly earnings from Disney, and the addition of nearly 28 million new subscribers to Disney Plus, it newly launched streaming product is a positive for investors, early in the session.
Nike and Michael Kors also reported strong earnings results, but both suggested that their business could take a hit due to the coronavirus, in China.
There is also a hint of optimism in the markets that China's efforts to control the spread of the coronavirus, may be working.
Stocks rose steadily during the session, and markets were mostly positive, despite concerns about the spread of coronovirus. The rally was broad based, with ten of the eleven S&P sectors ended today's session in positive territory, led by Energy, Financials, Healthcare, Basic Materials, Industrials, Consumer Staples, Technology, Consumer Discretionary, and Utilities.
Factors Influencing Today's Market
A hint of optimism regarding China's effort to control the coronavirus.
Strong quarterly earnings from Disney, Michael KORS, and Nike.
January ADP private payroll came in at a solid 291,000 jobs
WTI Crude Oil rose today on news that OPEC may cut its production targets.
Major Asian and European markets closed the day with solid gains.
US 10 Year Bond Yield closed at 1.644%, down 0.30%.
WTI Crude Oil price closed at $50.75/barrel, up 2.30%.
This week's EIA Petroleum Status Report rose 3.5 million barrels.
Market Close Volume Traded And Advance Decline Ratio
When the market closed today, the indices were all higher. The Dow soared 407.22 points, Nasdaq gained 40.71 points, and the S&P added 37.10 points. Total NYSE volume traded, a moderate 4.16 billion shares.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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