Monday's Market Recap - Dow Soars 700 Points As New Quick Coronavirus Test Is Approved By The FD
What is The Premarket Telling Us?
7:00 AM.
Stock futures are modestly mixed at this hour. Dow futures down 53 points, Nasdaq futures up 10 points, and S&P futures down 1 point. Major Asian markets were lower overnight, as coronavirus continues to spread globally.
On The Bond Desk:
The US 10 Year Bond Yield at 0.75%, down 0.06%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $20.42/barrel, down 5.07%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 1.57%, Shanghai down 0.90%, Hong Kong (Hang Seng) down 1.32%.
Major European markets traded higher today. German (DAX) gained 1.90%, France CAC 40 0.62%, London FTSE 100 up 0.97%.
Market And Sector Dynamics
Market opened moderately higher at the start of the new trading week, with the Dow gaining 220 points, Nasdaq up 108 points, and the S&P adding 32 points. WTI crude oil price is not participating, currently trading at $20.26/barrel, down 5.72%, and the US 10 Year Bond is trading a bit lower, but is stable.
Except for a quick dive into negative territory shortly, a few minutes after the open, stock remained higher and gained upside momentum throughout today's session, as investors became increasingly confident as the day progresses.
The rally was broad base and all eleven S&P sectors ending with gains, led by Healthcare, Energy, Consumer Staples, Utilities, Communication Services, Basic Materials, Real Estate, Consumer Discretionary, Financials, Industrials, and Energy.
Factors Influencing Today's Market
The Coronavirus pandemic is still the major issue affecting markets, as more States adopt 'stay at home' policies, in an effort to curtail the spread of the disease.
A new coronavirus test developed by Abbott Labotories than can be done in 5 to 20 mins was approved by the FDA over the weekend, and was a positive catalyst for markets today.
Pending Home Sales came in better than expected, at 2.4% vs 0.5%.
WTI crude oil fell again today, closing at $20.09/barrel, down 6.60%.
US 10 Year Bond Yield closed at 0.726%, up 9.20%.
Market Close Volume Traded And Advance Decline Ratio
Another nice up day for the bulls. When traded ended, the Dow was up 690.70 points, Nasdaq gained 271.77 points, and the S&P gained 85.18 points. Total NYSE volume traded, a moderately heavy 5.71 billion shares. Advancing shares outpaced Declining shares by 1.5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments