Friday's Market Recap - Surprise Employment Status Report Sends Stocks Higher.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are pointing to a higher open. Dow futures are up 286 points, Nasdaq futures up 30 points, and S&P up 22 points. Asian markets closed modestly higher on their sessions overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.82%, up 0.06%
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $38.33/barrel, up 2.46%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) gained 0.74%, Shanghai up 0.40%, Hong Kong (Hang Seng) up 1.66%.
Major European markets also ended with sharp gains. German (DAX) up 3.36%, France CAC 40 up 3.71%, London FTSE 100 up 20.5%.
Market And Sector Dynamics
Markets opened with tremendous upside. The Dow jumped 675 points, Nasdaq up 87 points, and the S&P up 61 points, buoyed by a surprisingly strong 2.5 million job created in May, with the unemployment rate at 13.3%. The expectation was for minus 8 million job loss, and a 19% unemployment rate.
The market continued to climb higher during the morning with the Dow topping out up 1010 points, around 11:35, the high of the day. Stock remained elevated at near these levels for the rest of the session.
Today rally was robust broad based and market tone was strong positive. All eleven S&P sectors closed with strong gains, led by Energy, Financials, Industrials, Real Estate, Technology, Basic Materials, Consumer Discretionary, Communications Services, Healthcare, Consumer Staples, and Utilities.
Factors Influencing Today's Market
Surprisingly strong May employment status report showed 2.5 million jobs added, and the unemployment rate at 13.3%.
Both Asian and European markets closed mostly higher.
WTI crude oil closed at $39.55/barrel, up 5.72%.
Baker Hughes US Oil Rig count fell 17 rigs to 284 total.
US 10 Year Bond closed at 0.893%, up 8.29%.
Market Close Volume Traded And Advance Decline Ratio
Stocks roared higher today. The Dow gained 829.16 points, Nasdaq gained 198.27 points, and the S&P gained 81.58 points. Total NYSE volume traded, a heavy 8.66 billion shares. Advancing shares outpaced Declining shares nearly 6:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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