Tuesday's Market Recap - Two Trillion Coronavirus Bill Triggers Massive Rally.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are strongly elevated at this hour, in anticipation of the massive stimulus bill being negotiated in Congress. Dow futures up 930 points, Nasdaq futures up 375 points, and S&P futures up 113 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.783%, down 0.20%.
Currency Desk:
Euro dollar: 1.07
UK Pound: 1.15
Crude Oil:
WTI crude oil futures at
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets recorded big gains. Japan (Nikkei 225) gained 7.13%, Shanghai up 2.34%, Hong Kong (Hang Seng) up 4.46%
Major European markets also soared higher. German (DAX) up 10.98%, France CAC 40 up 8.39%, London FTSE 100 up 9.05%.
Market And Sector Dynamics
Stocks opened the trading day enthusiastically higher. The Dow surged 1116 points, Nasdaq up 340 points, and the S&P rose 113 points. Stocks surged on the hope of coronavirus stimulus bill being negotiated in the Senate. Last night Senator Schumer confirmed that negotiations with the White House, and it does appear that something will get done, if not today, very shortly after. The Speaker of the House, Nancy Pelosi, appeared on CNBC this morning with Jim Cramer, and she sounded firm but optimistic.
Global PMIs were released today, and the were ugly, and that's putting it mildly, but investors are in a 'risk on' mode, at least for today. WTI crude oil is off to an early start, at $24.38/barrel, up 1.02%.
All eleven S&P sectors are higher and gaining momentum during the session.
Today rally was broad based and vigorous with all eleven S&P sectors ending with massive gains, led by Energy 16.8%, Financials 12.75%, Industrials 12.75%, Basic Materials 11.63%, Utilities 10.94%, Technology 10.30%, Consumer Discretionary 8.64%, Real Estate 8.55%, Healthcare 7.59%, and Communication Services 5.81%.
Factors Influencing Today's Market
Stocks surged on optimism that the Senate will successfully negotiate and pass a coronavirus economic support bill.
Asian market soared higher overnight, and European market recorded big gains as well.
WTI crude oil had a great day today, closing at $24.01/barrel, up 2.78%.
US 10 Year Bond Yield close at 0.858%, up 12.48%.
March Manufacturing PMI came in at 40.5 vs 44.2 estimated, (France, Germany, UK were also disappointed.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the bulls were ecstatic, as the Dow soared 2112.98 points, Nasdaq gained 557.18 points, and the rose 209.93 points. Total NYSE volume traded, a heavy 7.49 billion shares. Advancing shares outpaced Declining shares better than 11:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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