Tuesday's Market Recap - Stocks Racked Up The Best Quarter In Two Decades.
What is The Premarket Telling Us?
7:00 AM.
Mildly lower describes the status of US stock futures at this hour. Dow futures down 75 points, Nasdaq down 11.50 points, and the S&P futures down 6 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.64% unchanged.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.22
Crude Oil:
WTI crude oil futures at $39.22/barrel, down 1.21%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded higher. Japan (Nikkei 225) gained 1.33%, Shanghai up 0.78%, Hong Kong (Hang Seng) up 0.52%
Major European markets. German (DAX) up 0.64%, France CAC 40 down 0.19%, London FTSE 100 down 0.90%.
Market And Sector Dynamics
Stock started off the day lower. The Dow fell 100 points, Nasdaq down 10 points, and the S&P down 4 points. WTI is off to a lower start, at $39.04/barrel, down 1.74%, and the US 10 Year Bond Yield steady at 0.630%. Boeing shares is the main drag on the Dow, accounting for 60 point loss. The planemarker is down after Norwegian Air Shuttle cancelled an order for 92 737 MAX aircrafts, due to financial difficulties as a result of the impact of coronavirus pandemic.
Markets turned positive midway the morning session, then turned lower again early in the afternoon, and hung out there for a while until a shortly before the 3:00 PM, when markets spiked higher into the close. Investor are grappling with the positive impact of massive fiscal and monetary stimulus to the economy, versus the ability of the economy to rebound from the pandemic shock.
All eleven S&P sectors were higher at the close of trading, led by Energy, Technology, Healthcare, Consumer Discretionary, Real Estate, Financials, Basic Materials, Communication Services, Consumer Staples, and Utilities.
Despite the economic shock of the pandemic US markets have recorder of their best quarters in two decades.
Factors Influencing Today's Market
Shares of Boeing was steady source of pressure during today's session.
Asian stocks were moderately higher, while Europe was modestly positive.
US 10 Year Bond Yield closed at 0.658%, up 4.96%.
WTI crude oil closed the day at $39.27/barrel, up 1.08%.
June's Chicago PMI fell lower expected 36.6 vs 44.5 estimated.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session the Dow gained 217.08 points, Nasdaq gained 184.61 points, and the S&P gained 47.05 points. Total NYSE volume traded, a moderate 4.08 billion shares. Advancing shares outpaced Declining shares by 1.88:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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