Monday's Market Recap - Dow Gains 400 Plus Points As Reopening Optimism Takes Hold.
What is The Premarket Telling Us?
7:00 AM.
If you are taking your cue from the futures this morning, it appears markets are inclined to extend last weeks impressive rally. Dow futures are up 175 points, Nasdaq futures up 9 points, and S&P futures up 13 points.
On The Bond Desk:
The US 10 Year Bond Yield has ticked higher at 0.90%, up 0.08%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $39.86/barrel, up 0.78%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets finished their session with gains. Japan (Nikkei 225) up 1.37%, Shanghai up 0.24%, Hong Kong (Hang Seng) up 0.03%.
Major European markets traded mildly lower. German (DAX) fell 0.22%, France CAC 40 lost 0.43%, London FTSE 100 lost 0.18%.
Market And Sector Dynamics
Markets were off to the raced at the open. The Dow gained 146 points, Nasdaq up 8 points, and the S&P was up 7 points. The US 19 Year Bond has ticked higher again, currently sitting at 0.902%.
Boeing, the airplane manufacturer is the main contributor to the Dow early in the session.
Crude oil is lagging this morning, with WTI crude oil down 1.52%, at $38.87/barrel, early in the session.
Markets remained elevated for most of morning and afternoon session, before jumping even higher shortly before the close of trading.
Today the National Bureau of Economic Research declared that the US economy went into recession, after economic activity peaked in February.
New York City started the first phase of reopening some businesses today, and investors are feeling more confident, that the US economy can eventually get back to some semblance of normal.
The rally was broad based and market tone was very positive. All eleven S&P sectors closed the day with solid gains, led by Energy, Utilities, Real Estate, Industrials, Financials, Consumer Discretionary, Communication Services, Consumer Staples, Healthcare, Basic Materials.
Factors Influencing Today's Market
New York City began its phase one reopening of certain businesses today.
The National Bureau of Economic Research declared the US economy is in recession due to Covid-19, since its peak in February.
Asian and European markets were higher in their session.
US 10 Year Bond Yield closed today at 0.872%, down 3.15%.
WTI crude oil closed at $38.62/barrel, down 4.38%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the Dow climbed 461.46 points, Nasdaq gained 110.66 points, and the S&P gained 38.46 points. Total NYSE volume traded, a heavy 8.47 billion shares. Advancing shares outpaced Declining shares by 4.48:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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