Thursday's Market Recap - Another Positive Day For Stocks Here And Globally.
What is The Premarket Telling Us?
7:00 AM.
US stock futures continues to push higher, against the backdrop of the coronavirus outbreak in China. Dow futures up 112 points, Nasdaq futures up 41 points, and the S&P futures up 12 points.
Asian markets were solidly higher while we sleep.
On The Bond Desk:
The US 10 Year Bond Yield at 1.65%, up 0.05%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $51.07/barrel, up 0.63%.
On the Earnings Calendar:
Mixed Q4 Earnings from Twitter. The company missed earnings, but revenues, and other metrics were great, including achieving its first billion dollar quarter. Shares up in the premarket.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) added 0.03%, Shanghai gained 1.72%, Hong Kong (Hang Seng) up 2.64%.
Major European markets. German (DAX) up 0.72%, France CAC 40 up 0.88%, London FTSE 100 0.30%.
Market And Sector Dynamics
Markets opened moderately higher. The Dow rose 75 points, Nasdaq up 16 points, and the S&P rose 8 points. WTI Crude Oil started the day lower, at $50.60/barrel, down 0.30%.
Stocks traded in and out of negative territory early in the morning session, before rebounding shortly before noon. At the low of the day the Dow was down 16 points, while at the high the Dow was up about 120 points, and did manage to hold on to most of those gains into the close.
Today's rally was mostly balanced. Six of the eleven S&P sectors closing in the green, led by Communication Services, Technology, Real Estate, Consumer Staples, and Industrials.
Factors Influencing Today's Market
Mixed earnings results from Twitter, including reporting its first one billion revenue quarter.
Asian markets closed with solid gains overnight.
WTI Crude Oil closed the day at $50.95/barrel, up 0.30%.
This week's Baker Hughes Oil Rig Count rose 1 to 676 total.
US 10 Year Bond Yield at 1.644%, down 0.30%.
The number of coronovirus infections and deaths continues to spread spread globally, mostly in China.
Market Close Volume Traded And Advance Decline Ratio
Markets were higher at the close. The Dow gained 88.92 points, Nasdaq rose 63.47 points, and the S&P rose 11.09 points. Total NYSE volume traded, a modest 3.93 billion shares. Declining shares outpaced Advancing shares about 1.07:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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