Thursday's Market Recap - Stocks Rebounds After Two Days Of Losses.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mixed, at this hour. Dow futures down 62 points, Nasdaq up 7 points, and the S&P down 5 points. Asian market were lower overnight. Back in the US, investors are eagerly awaiting the new weekly claims number, due out at 8:30 AM.
On The Bond Desk:
The US 10 Year Bond Yield at 0.65%, down 0.03%.
Currency Desk:
Euro dollar: 1.08
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $26.87/barrel, up 4.63%.
On the Earnings Calendar:
Cisco reported better than expected quarterly earnings, after the close yesterday. Shares of the company are up in the premarket.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) lost 1.74%, Shanghai lost 0.96%, Hong Kong (Hang Seng) lost 1.45%.
Major European markets. German (DAX) lost 1.95%, France CAC 40 down 1.65%, London FTSE 100 down 2.74%.
Market And Sector Dynamics
Stocks opened the session sharply lower. The Dow down 200 points, Nasdaq down 75 points,
and the S&P fell 26 points. WTI Crude oil off to a good start, currently at $26.12/barrel, up 3.28%, and the US 10 Year Bond Yield is holding at 0.622%.
Markets are reeling from the latest weekly jobless claims report which shows another 2.98 million jobs were lost, bringing the total to 36.8 million in the last 8 weeks.
Stocks fell lower after the open, with the Dow hitting its intraday low, Dow 458 points, and seems on track to repeat yesterday's selloff. The market reversed course around 10:30 AM, and gradually melted up to close at the high of the day, a round trip of 835 point.
The rally was fairly broad based. Ten of the eleven S&P sectors closed higher, led by Financials, Consumer Discretionary, Technology, Basic Materials, Healthcare, Communication Services, Industrials, Utilities, and Utilities.
Factors Influencing Today's Market
This week's Initial Jobless Claims report showed 2.68 million new unemployment claims bring the total to 36.8 million claims for the last 8 weeks. A negative sentiment for the markets.
Major Asian and European markets were solidly lower in their sessions.
US 10 Year Bond closed at 0.617%, down 5.69%.
WTI crude oil closed today at $27.62/barrel, up 9.21%.
Market Close Volume Traded And Advance Decline Ratio
The bulls managed to pull off a win today. When trading ended the Dow gained 377.37 points, Nasdaq gained 80.56 points, and the S&P gained 32.50 points. Total NYSE volume traded, a moderate 5.67 billion shares. Advancing shares and Declining shares were mostly 1.19:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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