Monday's Market Recap - Dow Up Big As Investors Bet Coronavirus Will Be A Temporary Setback For
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly higher, before the start of the new week of trading. Dow futures up 5 points, Nasdaq futures up 16 points, and S&P futures up 2 points. Asian markets were muted overnight, as the coronavirus continue to spread in China.
On The Bond Desk:
The US 10 Year Bond Yield at 1.58%, down 0.06%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $50.12/barrel, down 0.40%.
On the Earnings Calendar:
None.
In M&A News:
Mall owner, Simon Properties announced it's buying Taubman for $52.50/share.
What About The Asian And European Markets?
Major Asian markets traded lower. Japan (Nikkei 225) fell 0.60%, Shanghai up 0.51%, Hong Kong (Hang Seng) fell 0.59%.
Major European markets also traded lower today. German (DAX) down 0.15%, France CAC 40 down 0.23%, London FTSE 100 down 0.27%.
Market And Sector Dynamics
Stocks opened lower. The Dow fell 78 points, Nasdaq down 20 points, and the S&P down 8 point.
WTI crude oil is also off to a lower start, down 0.74% at $49.94/barrel. The Dow was down more than 100 points shortly after the open, but rebounded by mid-morning, and remained in a narrow range above the flat line for most of the afternoon session, before gaining momentum into the close.
Today's rally was broad based, with ten of the eleven S&P sectors ending the day with gains, led by Technology, Consumer Discretionary, Real Estate, Communication Services, Industrials, Healthcare, Consumer Staples, Utilities, and Financials.
Factors Influencing Today's Market
A big surprise merger in the mall retail business as Simon Properties is buying Taubman for $52.50/share.
Coronavirus outbreak continues to spread in China.
Asian and European stocks closed the day with losses.
WTI crude oil price closed the day at $49.57/barrel, down 1.49%.
US 10 Year Bond Yield ticked slightly higher today to close at 1.563%, up 0.23%.
Market Close Volume Traded And Advance Decline Ratio
When the closing bell rang, all three major indexes were higher. The Dow gained 174.31 points, Nasdaq gained 107.88 points, and the S&P gained 24.38 points. Total NYSE volume traded, a modest 3.51 billion shares. Advancing shares outpaced Declining shares by 1.42:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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