Monday's Market Recap - Dow Mildly Higher As Nasdaq Outperforms, Up 2.51%.
What is The Premarket Telling Us?
7:00 AM
US stock futures are modestly negative at this hour, indicating markets could begin the new week of trading lower. Dow futures down 44 points, Nasdaq futures down 1 point, and S&P futures down 8 points. Asian markets ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 0.63%, up 0.02%.
Currency Desk:
Euro dollar: 1.14
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $40.22/barrel, down 0.91%.
On the Earnings Calendar:
IBM reports second quarter earnings after the bell this evening.
In M&A News:
Chevron agrees to buy Noble Energy Inc., for $5 Billion
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.09%, Shanghai up 3.11%, Hong Kong (Hang Seng) down 0.12%
Major European markets also mixed. German (DAX) up 0.99%, France CAC 40 up 0.47%, London FTSE 100 down 0.46%. fell 6 points.
Market And Sector Dynamics
Markets were mixed at the open, with the Dow down 54 points, Nasdaq down 7 points, and the S&P down 6 points. WTI crude oil began the session lower at $40.32/barrel, down 0.67%, and the US 10 Year Bond holding at 0.607%.
In Washington, negotiation have begun on the fourth fiscal stimulus plan, and time is of the essence, as the $600/month supplemental unemployment benefits will end at the end of this month, severely reducing the spending power for affected laid off or furloughed worker.
The Dow was down 170 points, shortly after the open, but gradually recovered during the morning and early afternoon session. Stocks turned positive around 2:00 PM, with the Dow up nearly 100 points, around 3:30 PM. The Dow quickly lost steam in the final half hour of trading.
Eight of the eleven S&P sectors closed the day with losses, led by Energy, Utilities, Industrials, Real Estate, Consumer Staples, Basic Materials, Financials, and Healthcare. Consumer Discretionary, Technology, and Communication Services were moderately higher.
Factors Influencing Today's Market
Negotiations on the fourth round of pandemic fiscal stimulus got started in Washington today.
Covid-19 infections and deaths continues across the US.
Asian and European markets ended mixed.
US 10 Year bond Yield closed at 0.613%, down 1.57%.
WTI Crude oil closed at $40.83/barrel, up 0.12%.
Market Close Volume Traded And Advance Decline Ratio
The Dow ended modestly higher in today's session, up 8.92 points, the Nasdaq outperformed, up 263.90 points or 2.51%, and S&P gained 27.11 points. Total NYSE volume traded, a modest 3.99 billion shares. Declining shares outpaced Advancing shares by 1.33:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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