Thursday's Market Recap - A Rare Day Of Gains In Angry Market.
What is The Premarket Telling Us?
6:30 AM.
US stock futures are decidedly lower, although not as severe as we have seen during the recent days. Dow futures down 352 points, Nasdaq down 60 points, and S&P down 43 points.
On The Bond Desk:
The US 10 Year Bond Yield at at 1.27%, up 0.27%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.16
Crude Oil:
WTI crude oil futures at $22.76/barrel, up 11.73%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were down again overnight. Japan (Nikkei 225) fell 1.04%, Shanghai down 0.98%, Hong Kong (Hang Seng) down 2.61%.
Major European markets closed higher. German (DAX) up 2.0%, France CAC 40 up 2.68%, London FTSE 100 up 1.40%
Market And Sector Dynamics
Stock opened today's trading session moderately lower, with the Dow down 150 points, Nasdaq was flat, and the S&P down 16 points. WTI Crude Oil is off to good start, at $22.25/barrel, up 9.23%, and the US 10 Year Bond Yield is sitting at 1.132% nicely above the one percent level.
Financials and Industrials are leading the declines in the Dow.
Ironically, the 10 Year Bond Yield is well behaved today, but the US$ has strengthened considerably, which is a negative for corporate earnings for US multinational corporations.
Market volatility remains a concern for investors. Shortly after 11:00 AM, the Dow was up 244 points at the high, but a shortly time later, the Dow was down more than 700 points.
Crude oil staged its biggest rally ever today, and that was a huge positive sentiment for the markets.
Today market rally was fairly balanced, with seven of the eleven S&P sectors ending with nice gains, led by Energy, Consumer Discretionary, Financials, Basic Materials, Communication Services, and Technology. Utilities, Consumer Staples, Healthcare, and Real Estate were lower in the session.
Factors Influencing Today's Market
Coronavirus is still applying downward pressure on market, as the pandemic spreads.
WTI Crude oil staged a strong rally today, after yesterday's massive selloff.
WTI Crude oil closed at $25.22/barrel, up 23.81%.
US 10 Year Year Bond Yield closed at 1.158% down 2.07%.
Major Asian markets closed with modest losses, but Asian stocks ended with gains.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the major indexes were moderately higher. The Dow gained 188.27 points, Nasdaq gained 160.73 points, and the S&P gained 11.29 points. Total NYSE volume traded, a heavy 7.85 billion shares. Advancing shares outpaced Declining shares better than 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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