Thursday's Market Recap - After A Negative Open Ends Nearly 300 Points Higher.
What is The Premarket Telling Us?
7:15 AM.
Stock futures are lower at this hour,suggesting that yesterday's sell off may not be over. Dow futures down 189 points, Nasdaq futures down 15 points, and the S&P futures down 17 points. Asian markets finished slightly higher, in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 0.68%, down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $37.52/barrel, down 1.29%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets mostly lower in their session. Japan (Nikkei 225) down 1.22%, Shanghai up 0.30%, Hong Kong (Hang Seng) down 0.50%.
Major European markets mildly higher. German (DAX) up 0.69%, France CAC 40 up 0.97%, London FTSE 100 up 0.38%.
Market And Sector Dynamics
Stocks opened the trading session moderately lower. The Dow fell 80 points, Nasdaq down 10 points, and the S&P down 4 points. WTI crude oil below off to a slightly lower start, at $37.83/barrel, down 0.44%, while the US 10 Year Bond Yield at 0.663%.
Investors had to respond to another 1.50 million Americans who filed for weekly, unemployment benefits this week.
Stocks fell even lower after the open, with the Dow falling more than 230 points fifteen minutes after trading began. Stocks turned around a short while later, and by 10:30 the Dow was up 120 points.
Markets hung out close to the flat line for the remainder of the morning session, before regaining some momentum in the afternoon session, before climbing sharply higher in the last hour of trading.
In the end, today's rally was broad based, and fairly positive. Ten of the eleven S&P sectors S&P sectors closed the day with solid gains, led by Financials, Energy, Technology, Basic Materials, Industrials, Real Estate, Healthcare, Consumer Staples, Communication Services, and Consumer Discretionary.
Factors Influencing Today's Market
Another 1.48 million Americans filed for unemployment benefits in this week's report.
The Federal Reserve will release the results of the banks stress test later this afternoon.
Late this afternoon The Federal Reserve eased some of the Volker Rule to help banks weather the pandemic shock.
Asian and European market traded higher in their sessions.
US 10 Year Bond Yield closed at 0.682%, down 0.49%.
First read on First Qtr. GDP came in on down 5% in line with consensus.
Market Close Volume Traded And Advance Decline Ratio
Stocks recorded a nice gain today after a negative start to the session. The Dow finished the day up 299.66 points, Nasdaq up 107.84 points, and the S&P gained 33.43 points. Total NYSE volume traded, a moderate 4.85 billion shares. Advancing shares outpaced Declining shares by 1.84:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments