Thursday's Market Recap - Stock Closed With Modest Gains Despite Surge In Unemployment Claims.
What is The Premarket Telling Us?
7:00 AM.
At this hour US stock futures are moderately positive, with Dow futures up 87 points, Nasdaq futures up 72 points, and S&P futures up 13 points. Stock in Asia were mostly lower last overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.64%, down 0.11%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $20.19/barrel, up 1.61%.
On the Earnings Calendar:
Morgan Stanley reported better than expected first quarter earnings before the bell.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mostly lower. Japan (Nikkei 225) down 1.33%, Shanghai up 0.31%, Hong Kong (Hang Seng) down down 0.58%.
Major European markets ended their session mixed. German (DAX) up 0.21%, France CAC 40 down 0.08%, London FTSE 100 up 0.55%.
Market And Sector Dynamics
Stocks opened the trading day modestly higher. The Dow rose 40 points, Nasdaq rose 91 points, and the S&P gained 20 points. WTI crude oil is also higher at $20.25/barrel, up 1.24%. The 10 Year Bond Yield has ticked lower at 0.608%, down more than 10% in the last two days.
Better than expected first quarterly results from Morgan Stanley is a positive catalyst for markets this morning, despite another week with a massive 5.24 million unemployment claim number. Half way through the morning session the Dow sank 289 points, but rebounded to the flat line around noon. The Dow headed back to the lows shortly before 1:00 PM, but recovered from there during the rest of the afternoon, to close modestly positive.
Today's session was fairly balanced, with a slightly negative balance. Six of the eleven S&P sectors closed in positive territory, led by Healthcare, Consumer Discretionary, Technology, Consumer Staples, Communication Services, and Utilities.
Factors Influencing Today's Market
Better than expected quarterly earnings results from Morgan Stanley.
This week's Initial Jobless Claims report shows 5.24 million unemployment claims, bringing the total to 22 million, Americans have lost jobs over the last three weeks, due to the pandemic lockdown.
Major Asian markets closed lower in their sessions.
US 10 Year Bond Yield closed the day at 0.674%, up 6.16%.
WTI Crude Oil closed modestly higher today, at $19.94/barrel, up 0.35%.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading session, the Dow gained 33.33 points, Nasdaq up 139.19 points, and the S&P up 16.99 points. Total NYSE volume traded, a modestly heavy 5.20 billion shares. Declining shares outpaced Advancing shares by 1.70:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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