Wednesday's Market Recap - Big Technology CEO Testify On Hill. Stocks Surge.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are mildly positive, early, with Dow futures up 14 points, Nasdaq futures up 57 points, and S&P futures up 7 points. Investors are anticipating hearing the FAANG big technology CEOs as they testify before the House Judiciary Committee this afternoon.
On The Bond Desk:
The US 10 Year Bond Yield at 0.58%, down 0.03%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $41.36/barrel, up 0.75%.
On the Earnings Calendar:
GE reported weak quarterly earnings, but cash management was excellent.
Boeing reported disappointing quarterly financial results as airline orders decline due to Covid-19.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) down 1.15%, Shanghai up 2.06%, Hong Kong (Hang Seng) 0.45%.
Major European markets mildly higher. German (DAX) down 0.10%, France CAC 40 up 0.60%, London FTSE 100 up 0.04%.
Market And Sector Dynamics
Markets opened the trading day modestly positive. The Dow rose 22 points, Nasdaq gained 70 points, and the S&P rose 12 points. WTI crude oil started the day at $41.31/barrel, up 0.66%.
Stocks gradually climbed higher throughout the session as investors weighed the nationwide increases in Covid-19 cases and death, and the effect it is having on corporate earnings, and the full reopening of the economy.
Investor were also encouraged by the Feds decision to leave interest rates at existing 0% levels, and the Chairman's seemingly unwavering support and dovish tone at his usual press conference.
Markets gained additional steam as the testimonies of the FAANG big technology CEOs appearing virtually, before the House Judicial Committee this afternoon. The shares of these companies rose as investors see no harm coming to any of these business, as a result of their testimonies.
All eleven S&P sectors closed in positive territory, led by Energy, Financials, Real Estate, Technology, Industrials, Healthcare, Consumer Discretionary, Basic Materials, Communication Services, Utilities, and Consumer Staples.
Factors Influencing Today's Market
The heads of big technology companies, Amazon's, Jeff Bezos, Apple's Tim Cook, Facebook's Mark Zuckerberg, and Google's Sundar Pichai testified virtually, before the House Judiciary Committee today.
Federal Reserve/FOMC left interest rates at existing levels, at their meeting today.
Boeing reported disappointing quarterly earnings
US 10 Year Bond Yield closed at 0.577%, down 0.29%.
WTI crude oil closed at $41.31/barrel, up 0.66%.
This week's EIA Petroleum Status Report show a decrease/draw of 10.6 million barrels.
Market Close Volume Traded And Advance Decline Ratio
The three major markets ended higher in today's session. The Dow gained 160.29 points, Nasdaq gained 140.85 points, and the S&P gained 40 points. Total NYSE volume traded, a modest 4.47 billion shares. Advancing shares outpaced Declining shares better than 4.07:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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