Wednesday's Market Recap - Stock Pushed Higher Today With Nasdaq & S&P At Record Highs.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are higher this morning, the second day of the trading week, following celebration of the Presidents Day Holiday, on Monday. Dow futures are up 71 points, Nasdaq futures up 33 points, and S&P futures up 8 points. In Asia, markets were mixed in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 1.56%, down 0.03%.
Currency Desk:
Euro dollar: 1.07
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $52.79/barrel, up 1.42%.
On the Earnings Calendar:
Dish TV reported better than expected earning. Paid TV subscriptions were down 194K vs down 334K last year.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded mixed overnight. Japan (Nikkei 225) gained 0.89%, Shanghai fell 0.32%, Hong Kong (Hang Seng) rose 0.46%.
Major European markets traded higher today. German (DAX) gained 0.79%, France CAC 40 up 0.90%, London FTSE 100 up 1.02%.
Market And Sector Dynamics
Markets were off to the races at the open. The Dow surged 103 points, Nasdaq rose 52 points, and the S&P rose 11 points. WTI crude oil also off to a fine start at $53.04/barrel, up 1.90%. It does appear that investors are in 'risk on' mode.
Markets gaped higher late in the morning and remained at that elevated level for the rest of the session, as investors cheer indications that the number of coronavirus case seem to be declining, in China. Crude oil has been on an upward trend for the last few days, and that is helping the energy related stocks.
The rally was fairly balanced with seven of the eleven S&P sectors ending in positive territory, led by Energy, Technology, Financials, Consumer Discretionary, Healthcare, Communication Services, and Basic Materials. Real Estate, and Utilities were the lagging sectors.
Factors Influencing Today's Market
Number of coronavirus cases appears to be decreasing in China.
Investor convinced that the coronavirus scare will be a one or two quarter event.
Both Asian and European markets were higher in their sessions.
WTI Crude Oil closed higher at $53.29/barrel, up 2.38%.
US 10 Year Bond Yield ended the day at 1.568%,up 0.58%.
Minutes of the last Fed/FOMC meeting was released today showing members had concerns and were watching the effect of the coronavirus outbreak in China, on global economies, including the US.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the Dow gained 170.77 points, Nasdaq gained 84.43 points, and S&P rose 22.20 points. Total NYSE volume traded, a modest 3.68 billion shares. Advancing shares outpaced Declining shares by 1.13:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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