Wednesday's Market Recap - Investor Post-Covid-19 Optimism Pushes Stock Higher.
What is The Premarket Telling Us?
Stocks seems poised to extend yesterday's rally. US stock futures are sharply higher, with Dow futures up 367 points, Nasdaq futures up 70 points, and S&P futures up 37 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.700%, up 0.04%.
Currency Desk:
Euro dollar: 1.09
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $33.87/barrel, down 1.43%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.70%, Shanghai down 0.34%, Hong Kong (Hang Seng) down 0.36%.
Major European markets were markedly higher. German (DAX) up 1.33%, France CAC 40 up 1.79%, London FTSE 100 up 1.26%.
Market And Sector Dynamics
Markets started the trading session smartly higher, as investor express their optimism about the reopening of the US economy, and life after Covid-19. The Dow surged 350 points, Nasdaq rose 13 points, and the S&P rose 27 points. The US 10 Year Bond has ticked higher, currently at 0.700%, in the early going. WTI crude oil is down at the outset, sitting at $35.53/barrel, down 2.51%.
Markets pulled back midway through the morning session, with the Dow up 20 points, as investors tried to discern which industries have the best chances of success on the other side of this pandemic. There was a distinct rotation away from the big high technology growth performers, and into the small cap stocks, as well as a general broadening of the market. All eleven S&P sectors were early participants in the morning's rally.
Markets rebounded by noontime, to recapture the earlier gains, and gradually climbed higher for the rest of the session, to end at the highs of the day.
All eleven S&P sectors closed ended the session with gains, led by Financials, Industrials, Real Estate, Consumer Staples, Consumer Discretionary, Energy, Utilities, Healthcare, Basic Materials, and Communication Services.
Factors Influencing Today's Market
Investor are expressing their optimism about reopening of the US economy.
The European Union (EU) plans to borrow 750 euros to help the economic recovery in Europe.
US 10 Year Bond Yield closed at 0.695%, unchanged.
WTI crude oil close today at $32.09/barrel, down 6.58%.
Elon Musk's SpaceX and NASA plans to launch the first US manned space flight to the space station today. The first US manned space flight in roughly two decades.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended the day sharply higher, with the Dow soaring 553.16 points, Nasdaq gained 72.14 points, and the S&P gained 44.36 points. Total NYSE volume traded, a heavy 6.40 billion shares. Advancing shares outpaced Declining shares by 4.40:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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