Tuesday's Market Recap - Dow Soars More Than 500 Points On Strong Retail Sales And Talk Of Infra
What is The Premarket Telling Us?
7:00 AM.
US stock futures are all higher at this hour. Dow futures are up 435 points, Nasdaq futures up 109 points, and S&P futures up 37 points. Asian markets were nicely up overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.70%, unchanged.
Currency Desk:
Euro dollar: 1.13
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $37.83/barrel, up 1.91%.
On the Earnings Calendar:
None.
In M&A News:
Royalty Pharma IPO debut today with the first trade went off at $28.00/share.
What About The Asian And European Markets?
Major Asian markets closed sharply higher. Japan (Nikkei 225) up 4.88%, Shanghai up 1.44%, Hong Kong (Hang Seng) up 2.39%.
Major European markets also ended higher. German (DAX) up 3.39%, France CAC 40 up 2.84%, London FTSE 100 up 2.94%
Market And Sector Dynamics
Stock jumped rocketed higher with the Dow up 790 points, Nasdaq 225 points, and S&P up 85 points. A strong jump in Retail Sales, and talk of a potential infrastructure bill, are the two major catalyst for markets this morning. WTI crude oil is also off to a great start, currently at $38.42/barrel, up 3.48%, and the US 10 Year Bond Yield is at 0.769%.
A surprise press release the Oxford University scientists working on Covid-19 vaccines and therapies released a report showing that the common the steroid Dexamethasone has been found effective in treating certain patients, with Covid-19, adding another positive sentiment for markets.
All 30 Dow component stocks are higher, early, so are all eleven S&P sectors, with energy, and industrials, leading the way.
At the high of the morning, the Dow was up 850 point, before pulling back slightly, but remained mostly solidly elevated for the duration of the today's session.
Today's rally was broad based, with all eleven S&P sectors closing with gains, led by Energy, Healthcare, Technology, Basic Materials, Consumer Discretionary, Industrials, Consumer Staples, Real Estate, Financials, Communication Services, and Utilities.
Factors Influencing Today's Market
Markets soar at the open on a strong retail sales report, and talk of an infrastructure spending bill.
Oxford University scientist finds the Dexamethasone is a possible treatment for some patients with Covid-19.
Fed Chair testified virtually, before the Senate Finance Committee this morning.
Royalty Pharma IPO started trading today at $28.00/share.
The US 10 Year Bond Yield closed at 0.741%, up 2.97%.
WTI crude oil closed the day at 37.79/barrel, up 1.80%.
May's Industrial Production came in short of expectations 1.4% vs 2.9% expected.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were smartly higher. The Dow gained 526.82 points, Nasdaq gained 1.75 points, and the S&P gained 1.90 points. Total NYSE volume traded, a moderate 5.80 billion shares. Advancing shares outpaced Declining shares by 4.80:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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