Monday's Market Recap - Dow Up Triple Digits Ignoring Spike In New Covid-19 Cases.
What is The Premarket Telling Us?
7:30 AM.
US stock futures are moderately positive this morning, suggesting we could be going higher at the open. Dow futures are up 127 points, Nasdaq futures up 69 points, and S&P futures up 17 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.70%, up 0.01%.
Currency Desk:
Euro dollar: 1.11
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $39.63/barrel, down 0.90%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended modestly lower. Japan (Nikkei 225) fel 0.18%, Shanghai fell 0.08%, Hong Kong (Hang Seng) down 0.54%.
Major European markets traded down today. German (DAX) down 0.55%, France CAC 40 down 0.62%, London FTSE 100 down 0.76%.
Market And Sector Dynamics
The markets opened modestly lower today. The Dow lost 85 points, Nasdaq gained 5 points, and the S&P lost 5 points. Spiking Covid-19 cases here in the US and globally.
Markets sank lower after the open, with the Dow down around 200 points, the intraday low, but turned positive an hour later, led by shares of Apple, and other FAANG technology stocks. After another brief trip below the flat line, stock returned to positive territory gaining additional momentum into the close.
Seven of the eleven S&P sectors finished the session with moderate gains, led by Technology, Utilities, Consumer Discretionary, Energy, Communication Services, Basic Materials, and Industrials.
Factors Influencing Today's Market
Investors still nervous about the spike in Covid-19 cases and hospitalization in some states.
Both Asian, and European markets closed lower.
US 10 Year Bond Yield closed at 0.710%, up 2.38%.
WTI crude oil closed at $40.46/barrel, up 1.79%.
Market Close Volume Traded And Advance Decline Ratio
Markets ended with solid gains today with the Dow gaining 153.50 points, Nasdaq gained 110.35 points, and the S&P gained 20.12 points. Total NYSE volume traded, a moderate 4.61 billion shares. Advancing shares outpaced Declining shares by 1.12:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments