Wednesday's Market Recap - Stocks Soars On Coronavirus Infection Cases Declines.
What is The Premarket Telling Us?
7:20 AM.
US stock futures are moderately higher. Dow futures up 203 points, Nasdaq futures up 78 points, and S&P futures up 22 points. Not bad considering yesterday's 950 point plus reversal at the close.
Asian markets were mostly lower in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 0.74%, up 0.06%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $$24.46/barrel, up 3.51%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed . Japan (Nikkei 225) up 2.14%, Shanghai down 0.19%, Hong Kong (Hang Seng) down 1.17%.
Major European markets were lower in their session. German (DAX) fell 0.23%, France CAC 40 up 0.10%, London FTSE 100 down 0.47%.
Market And Sector Dynamics
Markets opened solidly higher today. The Dow gained 236 points, Nasdaq up 98 points, and the S&P up 29 points. WTI crude oil is also higher at $24.59/barrel, up 3.98%, and the US 10 Year Bond is holding at 0.755%.
Shares of Boeing are also a big factor, helping to push stock higher, as are energy stocks. All 11 S&P sectors are higher early in the session.
Also helping markets this morning is a clear indication that our current effort at social distancing
against the coronavirus seems to be working. Even as the number of deaths in New York has been rising, the number of hospitalization, and the number requiring intensive care is decreasing. The market has interpreted that as positive.
Markets gradually climbed higher throughout the session, in another risk on less volatile session. All eleven S&P sectors closed the day with gains, led by Real Estate, Energy, Utilities, Basic Materials, Financials, Healthcare, Consumer Discretionary, Technology, and Communication Services.
Factors Influencing Today's Market
Optimism that coronavirus infections/spread appears to be responding to social distancing.
Optimism that OPEC plus will hold a virtual meeting tomorrow to discuss production cuts.
US 10 Year Bond Yield ended the day at 0.771%, up 6.08%.
WTI Crude Oil closed the day at $25.09/barrel, up 6.18%.
This week's EIA Status Report shows US crude oil inventories rose 15.2 barrels vs 13.8 barrels in prior week.
Market Close Volume Traded And Advance Decline Ratio
Markets rallied strong again today, with the Dow surging 779.71 points, Nasdaq rose 203.64 points, and the S&P gained 90.57 points. Total NYSE volume traded, a moderately heavy 5.94 billion shares. Advancing shares outpaced Declining shares better than 8:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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