Wednesday's Market Recap - Partial Reopening Of All 50 States Sends Stocks Sharply Higher.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are smartly higher one and a half hour before the opening. Dow futures are up 289 points, Nasdaq futures up 99 points, and S&P futures up 33 points. Asian markets were most higher in their sessions. Investors appear to be feeling good about the markets, and US economic recovery on the other side of this Covid-19 pandemic.
On The Bond Desk:
The US 10 Year Bond Yield at at 0.68% mostly unchanged.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $31.64/barrel, up 0.
On the Earnings Calendar:
Both Lowe's and Walmart reported good quarterly performance, drive by strong online sales, due to Covid-19 lockdown.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were mostly higher. Japan (Nikkei 225) gained 0.79%, Shanghai rose 0.51%, Hong Kong (Hang Seng) up 0.05%.
Major European markets closed with nice gains. German (DAX) up 1.34%, France CAC 40 up 0.87%, London FTSE 100 up 1.08%.
Market And Sector Dynamics
Stocks began the trading day convincingly higher with the Dow climbing 290 points, Nasdaq jumping 120 points, and the S&P up 37 points. A key factor helping markets, today is optimism surrounding the fact the all 50 States have now reopened for business, with some restrictions, and adherence to social distancing, and other CDC rules.
Better than expected quarterly earnings from home improvement box retailer, Lowe's, the company recorded strong comp store sales, during the lockdown, with online sales up 80%.
All eleven S&P sectors were higher early, with Energy and Financials leading the way.
Factors Influencing Today's Market
All 50 States have now reopened for business with some restrictions, including CDC social distancing and other guidelines.
Strong quarterly earnings from Walmart and Lowe's driven by strong online sales, during lockdown.
Both Asian and European markets recorded nice gains.
US 10 Year Bond Yield closed at 0.682%, down 1.40%.
WTI Crude oil closed the day at $33.57/barrel, up 3.29%.
This week's EIA Petroleum Status Report show US oil inventory fell/draw 5 million barrels.
After being retired in 1986, the 20 Year Bond was reintroduced by the US Treasury, to the markets today.
Market Close Volume Traded And Advance Decline Ratio
Today was another winning day for the bulls. The Dow gained 369.04 points, Nasdaq the out-performer today, up 190.67 points, and the S&P rose 48.67 points. Total NYSE volume traded, a moderate 5.02 billion shares. Advancing shares outpaced Declining shares better than 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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