Tuesday's Market Recap - Markets Deliver Solid Cinco De Mayo Gains.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are pointing higher early in the premarket, Dow futures up 223 points, Nasdaq futures up 93 points, and S&P up 27 points. Major Asian markets were mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 0.64% unchanged.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $22.39/barrel, up 9.81%.
On the Earnings Calendar:
Disney reports after the bell later this evening.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 2.84%, Shanghai up 1.33%, Hong Kong (Hang Seng) up 1.08%.
Major European markets closed higher . German (DAX) up 2.51%, France CAC 40 up 2.40%, London FTSE 100 up 1.66%.
Market And Sector Dynamics
Markets opened sharply higher. The Dow surged 229 points, Nasdaq gained 92 points, and the S&P up 28 points. WTI Crude Oil is surging this morning, currently at $22.60/barrel, up 15.55%.
The US 10 Year Bond is holding at 0.665%.
All eleven S&P sectors are higher in the early going as investors are becoming more confident as more States begin to open for business, albeit, gradually.
Stock soared even high in the morning session, with the Dow up about 420 point, and traded at or near those elevated levels for the balance of the session, until losing more than half of the gains a about ten minutes before the close.
Today's rally was broad based with ten of the eleven S&P sectors closing with modest gains, led by Healthcare, Technology, Utilities, Real Estate, Communication Services, Industrials, Consumer Discretionary, Basic Materials, Energy, and Consumer Staples. Financials were slightly lower.
Factors Influencing Today's Market
Increasing optimism, as some States relax their shelter at home orders allowing some businesses to reopen their doors subject to 'self distancing' and other guidelines.
Crude oil prices continues to rise helping market sentiment. WTI crude oil closed at $24.56/barrel, up 20.45%.
US 10 Year Bond Yield closed at 0.662%, up 4.98%.
Asian markets were decidedly lower, but European markets closed solidly higher.
April PMI Service Index fell to 26.7 vs 39.8 (March).
April ISM Non Manufacturing Index fell to 41.8 vs 52.5 (March).
Market Close Volume Traded And Advance Decline Ratio
At the end of the session the Dow gained 133.33 points, Nasdaq gained 98.41 points, and the S&P added 25.70 points. Total NYSE volume traded, a moderate 5.20 billion shares. Advancing shares outpaced Declining shares by 1.26:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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