Wedneday's Market Recap - Dow Records Back To Back Day Of Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately lower at this hour. Dow futures down 89 points, Nasdaq futures down 82 points, and S&P futures down 27 points. Global stocks have been surging global, on news that the lawmakers in Washington reached a deal overnight on an economic stimulus package.
On The Bond Desk:
The US 10 Year Bond Yield at 0.82%, up 0.06%.
Currency Desk:
Euro dollar: 1.07
UK Pound: 1.17
Crude Oil:
WTI crude oil futures at $23.50/barrel, down 1.87%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) up 8.04%, Shanghai up 2.17%, Hong Kong (Hang Seng) up 3.81%.
Major European markets also closed higher. German (DAX) up 1.79%, France CAC 40 up 4.47%, London FTSE 100 up 4.45%.
Market And Sector Dynamics
Stocks moved exuberantly higher at the start of trading. The Dow jumped 413 points, Nasdaq gained 92 points, and the S&P rose 21 points. WTI crude oil is down in early trading, at $23.45/barrel, down 2.33%.
Markets went negative an hour after the open, but turned around a short while later, and surged higher for the rest of the session, with the Dow reaching a high, up 1500 points. Markets pulled back a few minutes before the close when reports four Senators had a problem with the bill, that could end up delaying passage.
Eight of the eleven S&P sectors closed the session with gains, led by Industrials, Real Estate, Energy, Utilities, Financials, Basic Materials, Healthcare, and Consumer Discretionary.
Factors Influencing Today's Market
The coronavirus economic support bill in the Senate dominated market sentiment today.
Asian and European soared in their respective session, before our start of trading.
WTI crude oil traded higher today, closing at $24.49/barrel, up 2.00%.
This week's EIA Petroleum Status Report show US crude oil inventory rose 1.6 million barrels.
US 10 Year Bond Yield close the day at 0.869%, up 1.28%
Market Close Volume Traded And Advance Decline Ratio
When the markets ended, indexes recorded another day of solid gains, with the Dow gaining 495.64 points, Nasdaq fell 33.56 points, and the S&P rose 28.23 points. Total NYSE volume traded, a heavy 8.21 billion shares. Advancing shares outpaced Declining shares better than 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments