Monday's Market Recap - Strong Existing Home Sales And Boeing 737 Max Certification Flights Send
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mixed at this hour. Dow futures up 89 points, Nasdaq futures up 26 points, and S&P futures up 5 points. Asian stocks were lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield 0.64%, down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.23
Crude Oil:
WTI crude oil futures at $38.56/barrel, up 0.18%
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) down 2.30%, Shanghai down 0.61%, Hong Kong (Hang Seng) down 1.01%
Major European markets traded solidly higher today. German (DAX) up 1.18%, France CAC 40 up 0.73%, London FTSE 100 up 1.08%.
Market And Sector Dynamics
Markets opened higher this morning on some welcome new about Boeing, after the FAA announced on Sunday that it will begin certification process for the Boeing 737 MAX today, sending shares of the planemaker surging more than 7% higher. Talk of a new round of fiscal stimulus on top of that already in the economy. Half an hour after the open, stocks were highly elevated. The Dow was up more that 300 points, Nasdaq rose more than 100 points, and the S&P climbed 10 points. All the eleven S&P sectors were positive.
Markets gained momentum as the session progressed, and closed at the high of the day, buoyed by a more positive news, this time from the housing industry, which saw a greater than 40% rise in existing home sales, after plunging 20.8% in March, and 21.8% in April.
Today's rally was broad based, and very positive, with all eleven S&P sectors closing the day in positive territory, led by Industrials, Communication Services, Basic Materials, Utilities, Consumer Staples, Real Estate, Energy, Consumer Discretionary, Technology, Financials, and Healthcare.
Factors Influencing Today's Market
The Federal Aviation Agency, conducted new certification test flights for 737 MAX today, sending shares of the planemaker surging higher.
Shares of existing homes surged surprisingly higher, up over 40%.
Asian markets traded modestly lower, while European markets were solidly higher.
US 10 Year Bond Closed at 0.627%, down 0.78%.
WTI crude oil price closed at $39.70/barrel, up 3.14%.
Market Close Volume Traded And Advance Decline Ratio
In today's trading markets reclaim a nice chunk of Friday's losses. The Dow gained 580.25 points, Nasdaq gained up 116.93 points, and S&P gained 44.19 points. Total NYSE volume traded, a moderate 4.34 billion shares. Advancing shares outpaced Declining shares by 3.17:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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