Monday's Market Recap - A Massive 1600 Point Rally As Coronavirus Mitigation Seems To Be Workin
What is The Premarket Telling Us?
8:00 AM.
US stock futures were higher overnight, and have picked up steam this morning, as the coronavirus cases and death appears to be leveling off in Italy, Spain, and Austria. Dow futures are up 719 points, Nasdaq futures up 268 points, and S&P futures up 86 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.59%, down 0.04%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $27.45/barrel, down 3.14%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mostly higher. Japan (Nikkei 225) gained 4.24%, Shanghai fell 0.60%, Hong Kong (Hang Seng) gained 2.21%
Major European markets recorded solid gains. German (DAX) up 5.77%, France CAC 40 up 4.61%, London FTSE 100 up 3.08%.
Market And Sector Dynamics
As indicated by US stock futures earlier this morning, market opened in risk on mode. The Dow surged 850 points, Nasdaq gained 275 points, and the S&P gained 96 points. Signs of optimism in Spain, and Austria, as Covid-19 new cases and deaths appear to have reached an apex in those countries, an encouraging sign for New York as well. WTI crude oil is modestly lower to start the day at $26.94/barrel, down 1.42%. The US 10 Year Bond Yield held at 0.659%.
All eleven S&P sectors and all 30 Dow component were higher early in the trading session.
Markets remained consistently elevated, for the entire session, and ticked even higher, ten minutes before the close of trading.
All eleven S&P sectors ended the day with strong gains of between 3% - 9%, led by Technology, Utilities, Consumer Discretionary, Basic Materials, Financials, Real Estate, Communication Services, Industrials, Healthcare, Energy, Consumer Staples.
Factors Influencing Today's Market
A hint of optimism as cases of coronavirus appears to be leveling off in Europe, and New York State, California, and Washington State.
Asian and European markets recorded solid gains.
US 10 Year Bond Yield ended the day at 0.678%, up 10.46%.
WTI Crude oil closed at $26.30/barrel, down 0.30%.
Market Close Volume Traded And Advance Decline Ratio
Stocks went on a tare today. At the close the Dow gained 1627.46 points, Nasdaq gained 540.15 points, and the S&P gained 175.03 points. Total NYSE volume traded, a heavy 6.45 billion shares. Advancing shares outpaced Declining shares by 10:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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