Wednesday's Market Recap - Stocks Rally As Biden Routs Bernie In Super Tuesday Race.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are up big early, no doubt on former Vice President, Biden outstanding performance in yesterday's Super Tuesday election results. Dow futures are up 569 points, Nasdaq futures up 177 points, and S&P futures up 59 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.01%, down 0.08%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.28
Crude Oil:
WTI crude oil futures at $47.74/barrel, up 1.19%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets mostly muted. Japan (Nikkei 225) up 0.08%, Shanghai up 0.63%, Hong Kong (Hang Seng) down 0.24%.
Major European markets were up more than one percent in their session. German (DAX) up 1.19%, France CAC 40 1.33%, London FTSE 100 up 1.45%.
Market And Sector Dynamics
Markets were off to the races from the opening bell. The Dow sprinted 690 points higher, Nasdaq climbed 171 points, and the S&P jumped 62 points. Clearly Biden's outstanding performance over Bernie Sanders in the Super Tuesday election is a positive catalyst for markets this morning. Investors may be belatedly cheering the Fed's surprise rate cut yesterday, and may be expecting more accommodation when the Fed convenes its March meeting in a few weeks.
This morning the Bank of Canada cut interest rate by 50 basis points, in keeping with the pledge of support by major central banks, which was announced a few day agol
Investors are also nervously watching the US 10 Year Bond Yield, which sees to be holding precariously at 0.989%, after breaking the 1% level in yesterday session.
Early in the session, all eleven S&P sectors were higher, and that was the situation at the close of trading. Healthcare, Utilities, Consumer Staples, Technology, Industrials, Basic Materials, Real Estate, Communication Services, Consumer Discretionary, and Financials.
Factors Influencing Today's Market
A strong showing by former Vice President Biden, in the results of Super Tuesday election results.
Shares of healthcare companies rallied in today's session on Biden's stellar performance.
Asian market were flat, but European markets ended the day with gains.
WTI Crude Oil closed at $47.34/barrel, up 0.34%.
The US 10 Year Bond Yield closed at 1.052%, up 6.88%.
February's ADP Private Payroll rose 183,000 jobs.
February's PMI Service Index came in at 49.4 in line with consensus estimate.
This week's US crude oil inventory rose/build 0.8 million barrels.
The Bank of Canada cut interest rates 50 basis points.
Market Close Volume Traded And Advance Decline Ratio
The bulls came out to run on this 'risk on' session, tossing the fear of coronavirus on the back burner, at least for today. The Dow soared 1173.45 points, Nasdaq surged 334 points, and the S&P gained 126.75 points. Total NYSE volume traded, a moderately heavy 5.06 billion shares. Advancing shares outpaced Declining shares by 6:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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