Tuesday's Market Recap - Stock Rally On Less Worse Than Expected Bank Earnings, And Talk Of Reop
What is The Premarket Telling Us?
7:00 AM.
US stock futures are solidly higher in the early going, indicating markets could have a strong open. Dow futures are up 300 points, Nasdaq futures up 123 points, and S&P futures up 32 points. Major Asian market closed higher overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.75%, up 0.02%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $22.01/barrel, down 1.78%.
On the Earnings Calendar:
First quarter earning season begins today with the banks. JPMorgan, Wells Fargo, reported results that were less worst than expected. Drug maker Johnson & Johnson results were better than expected.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets . Japan (Nikkei 225) added 3.13%, Shanghai up 1.59%, Hong Kong (Hang Seng) up 0.56%.
Major European markets closed higher. German (DAX) gained 1.24%, France CAC 40 up 0.38%, London FTSE 100 down 0.28%.
Market And Sector Dynamics
Markets jumped higher at the open. The Dow soared 400 points, Nasdaq gained 154 points, and the S&P gained 51 points. The 10 Year Bond at 0.742%. WTI crude oil price is down early, but all eleven S&P sectors are participating in this morning's rally.
The first quarter earnings season kicked off today, with JPMorgan, and Wells Fargo delivering results that were a bit less worse than expected. Shares of financials jumped higher on the news but those rally faded intraday.
At the higher of the morning the Dow surged 650 point, the high of the day, shortly after the open, and managed to hold on to most of those gains, in a broad based risk on session.
Ten of the eleven S&P sectors ended the day with gains, led by Consumer Staples, Consumer Discretionary, Technology, Healthcare, Real Estate, Communication Services, Utilities, Industrials, and Financials. Energy, the only laggard today, was down 0.46%.
Factors Influencing Today's Market
A risk on session based on JPMorgan and Well Fargo earnings, which was less worse than expected.
Johnson & Johnson earning was better than expected. The company also announced a joint collaboration with Sanofi to develop a caronavirus vaccine by early next year.
Report that Apple's iPhone production is returning to normal in China.
US 10 Year remains stable, closing the day at 0.750%, up 2.51%.
WTI Crude Oil price fell 10.26%, to close at $20.11/barrel.
Some optimism regarding reopening of the economy.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the Dow surged 558.99 points, Nasdaq soared 323.32 points, and the S&P up 84.43 points. Total NYSE volume traded, a moderately heavy 5059 billion shares. Advancing shares outpaced Declining shares by 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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