Wednesday's Market Recap - Strong Up Day For Stocks Led By Energy And Tech.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are off to a flying start this morning. Dow futures are up 132 points, Nasdaq futures up 52 points, and S&P futures up 14 points. Asian markets closed mostly higher.
On The Bond Desk:
The US 10 Year Bond Yield at 1.59%, up 0.04%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $50.77/barrel, up 1.66%.
On the Earnings Calendar:
CVS reported solid Q4 Earnings results. The company beat earnings and revenue estimates.
Troubled retailer Bed Bath & Beyond reported weaker than expected earnings.
Japan's, SoftBank report poor results, due to devastating losses from WeWork.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly higher.. Japan (Nikkei 225) fell 0.12%, Shanghai up 0.87%, Hong Kong (Hang Seng) up 0.87%.
Major European markets traded higher. German (DAX) gained 0.90%, France CAC 40 up 0.83%, London FTSE 100 up 0.47%.
Market And Sector Dynamics
Markets opened triple digit higher, with the Dow up 175 points, Nasdaq up 50 points, and S&P 15 points. WTI crude oil is up early at $51.55/barrel, up 3.16%.
Today investors area betting that the coronavirus outbreak in China may be easing since few cases have been reported in the affected areas in China.
So far, Q4 earnings has been better than expected and this morning CVS reported better than expected results, sending its shares higher, and pushing shares of other healthcare companies higher as well.
Stocks held on to these elevated levels for most of the session, and gaped even higher into the close of trading.
Ten of the eleven S&P sectors closed the day with gains, led by Energy, Technology, Consumer Discretionary, Communication Services, Industrials, Real Estate, Basic Materials, and Healthcare.
Factors Influencing Today's Market
Coronavirus spread may be lessening, and markets are interpreting it as positive.
Poor earnings reports from Bed Bath & Beyond, and SoftBank.
Strong earnings from CVS pushed healthcare shares higher in the session.
WTI crude oil closed at $51.17/barrel, up 2.46%.
This week's EIA Petroleum Status Report show crude oil inventory rose 7.5 million barrels.
US 10 Year Bond Yield closed at 1.637%, up 2.18%.
Both Asian and European markets close with gains.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended solidly higher today. The Dow soared 275.08 points, Nasdaq gained 87.02 points,and the S&P rose 21.70 points, with all the indexes at new record high. Total NYSE volume traded, a moderate 3.99 billion shares. Advancing shares outpaced Declining shares by 1.50:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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