Friday's Market Recap - Dow Regains A Fraction Of Yesterday's Losses, But Ends Down For For
What is The Premarket Telling Us?
8:30 AM.
After yesterday's earth shattering selloff, markets may be trying to claw back some of those losses. Dow futures are up 501 points, Nasdaq futures up 128 points, and S&P futures up 53 points. Asian markets were lower in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 0.70%, down 0.05%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $36.66/barrel, up 0.94%.
On the Earnings Calendar:
None.
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets closed mildly lower on today. Japan (Nikkei 225) down 0.75%, Shanghai down 0.04%, Hong Kong (Hang Seng) down 0.75%.
Major European markets were mixed in their sessions . German (DAX) down 0.18%, France CAC 40 up 0.49%, London FTSE 100 up 0.47%.
Market And Sector Dynamics
Markets opened smartly higher, with the Dow surging 670 points, Nasdaq jumping 220 points, and the S&P up 78 points. All eleven S&P sectors were participating in this rally. WTI crude oil is modestly higher, early, at $36.55/barrel, up 0.55%, and the US 10 Year Bond sits at 0.699%.
Shares of Boeing and Apple are leading the rally, along with major banks, Caterpillar, and shares of energy companies.
At the high in the morning the Dow was up more than 835 points, before giving up 700 points of the early gains half an hour before midday. The market pulled back from the lows around noon, but was down to the low of the day at 2:00 PM, going briefly negative, before rallying convincingly into the close.
Today's rally was broad based and mostly positive, with nine of the eleven S&P sectors closing with moderate gains, led by Real Estate, Financials, Energy, Industrials, Basic Materials, Communication Services, Consumer Discretionary, and Healthcare. Utilities, and Consumer Staples were modestly lower in the session.
Factors Influencing Today's Market
Markets rallied on the feeling that yesterday's 1800 plus selloff was grossly overdone.
Asian markets were down slightly, but European stocks were mostly higher.
US 10 Year Bond Yield closed at 0.710%,up 6.65%.
WTI crude oil $36.26/barrel, down 0.22%.
This week's Baker Hughes US Oil Rig Count fell 7 to 199 total rigs.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading on Friday, the markets recovered some of yesterday's massive losses, but was lower for the week. The Dow gained 477.37 points, Nasdaq gained 96.08 points, and the S&P gained 39.21 points. Total NYSE volume traded, a moderate 5.81 billion shares. Advancing shares outpaced Declining shares by 3.58:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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