Wednesday's Market Recap - Mixed Trading Session Based On Mixed Economic Data.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately down 197 points, Nasdaq futures down 43 points, and S&P futures down 17.25 points. Asian markets were mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 0.65%,up 0.01% or one basis point.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.24
Crude Oil:
WTI crude oil futures at $39.90/barrel, up 1.60%
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended their day mixed. Japan (Nikkei 225) fell 0.75%, Shanghai up 1.38%, Hong Kong (Hang Seng) up 0.52%.
Major European markets were modestly lower. German (DAX) lost 0.41%, France CAC 40 down 0.18%, London FTSE 100 down 0.19%.
Market And Sector Dynamics
Encouraging Covid-19 vaccine news from Pfizer, better than expected earnings report from FedX is helping to power stocks higher on this, the first trading day of the new quarter. The Dow soared 115 points, Nasdaq up 24 points, and the S&P rose 9 points. WTI crude oil up is off to a good start, at $39.84/barrel, up 1.43%, and the US 10 Year Bond Yield is holding at 0.697%.
After an enthusiastic open and a volatile morning session, hitting the high of the session, the Dow is up 206 points, shortly after the open. Two hours later the Dow was down near 90 points, half an hour before midday. The volatility continued during the afternoon session, to close not far from the low of the day.
Markets were mostly positive in the session, with eight of the eleven S&P sectors ended with gains, led by Real Estate, Utilities, Communication Services, Consumer Discretionary, Healthcare, Basic Materials, Technology, and Consumer Staples. Energy, Financials, and Industrials, closed lower.
Factors Influencing Today's Market
Positive and encouraging news from Pfizer on a new Covid-19 vaccine.
FedX reported better than expected expected quarterly earnings.
The US stock market has just end its best quarter performance in two decades.
China passes the new China security law for Hong Kong.
June's ADP Private Payroll shows 2.369 million private sector jobs this month, versus the 3.50 million estimated.
June's ISM Manufacturing Index came in over 50,and back to expansion mode: 52.6 vs 49.0 expected.
US 10 Year Bond Yield closed at 0.676%, up up 2.75%.
WTI crude oil prices closed at $39.51/barrel, up up 0.61%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were mixed.The Dow lost 77.91 points, Nasdaq gained 95.86 points, and the S&P gained 15.57 points. Total NYSE volume traded, a moderate 4.46 billion shares. Advancing shares outpaced Declining shares just better than even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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