Thursday's Market Recap - Solid Rebound In Crude Prices Help To Sure Up Markets.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mostly mixed at this hour. Dow futures down a modest 37 points, Nasdaq futures up 4 points, and S&P futures up 1 point. No doubt investors will be focusing on the Initial Jobless Claims number, due out at 8:30 AM, where another 4.25 million job loss is estimated.
On The Bond Desk:
The US 10 Year Bond Yield at 0.62%, up 0.05%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $15.38/barrel, up 11.61%.
On the Earnings Calendar:
Retailer Target in a press release this morning has extended it $2/Hr increase for employees through May 30. The company also is also extending its back up care, and paid leave for its team members. The retailer also gave an update of its performance, saying, for the quarter to date company growth was up 7%, driven by a slight decline in stores, and a 100% growth across its digital channels.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended the day mixed. Japan (Nikkei 225) up 1.52%, Shanghai down 0.19%, Hong Kong (Hang Seng) up 0.35%.
Major European markets closed higher today. German (DAX) up 0.95%, France CAC 40 up 0.89%, London FTSE 100 gained 0.97%.
Market And Sector Dynamics
Stocks opened the trading day firmly in positive territory. The Dow gained 157 points, Nasdaq gained 56 points, and the S&P rose 21 points. US jobless claims came in as expected at 4.4 million new claims vs the 4.25 million than was estimated. This brings the total claimsEdue to layoff due to the pandemic to 27 million claims for the last three weeks. However the market appears to be taking it in stride. Also helping markets this morning is the meteoric rebound in crude oil prices, with WTI Crude currently at $16.87/barrel, up 22.7%.
Better than expected quarterly earnings from Target is also a positive sentiment for stocks this morning. Stocks remained positive for for most the morning, with the Dow soaring 409 points, intraday.
The afternoon session was positive but choppy, as stock retreated leaving investors somewhat puzzled, but happy the Dow managed to hold on to some gains.
The modest rally was fairly balance, with six of the eleven S&P sectors ending the day with modest gains, led by Energy, Industrials, Communication Services, Basic Materials, Healthcare, and Consumer Discretionary.
Factors Influencing Today's Market
Target's first quarter earning came in better than expected, boosted by online sales.
This week's Initial Jobless Claims was in line with expectations.
A strong rebound in crude oil prices was a positive catalyst for stocks today, with WTI crude oil closing at $16.50/barrel, up 19.74%.
US 10 Year Bond Yield closed lower today at $0.603%, down 2.33%.
Major Asian markets closed mixed, while European stocks closed with gains.
Flash PMI for April came in at 27.4 vs 40.50 March. (Weaken because of pandemic lockdown).
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the day the Dow closed up 39.44 points, Nasdaq down 0.63 point, and the S&P down 1.51 point. Total NYSE volume traded, a moderate 5.18 billion shares. Advancing shares outpaced Declining shares 1.60:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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