Monday's Market Recap - Stocks Surges As US Manufacturing Data Shows A Returns To Expansion.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are moderately positive at this early hour. Dow futures up 74 points, Nasdaq futures up 94 points, and S&P futures up 14 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.54%, unchanged.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $39.96/barrel, down 0.77%.
On the Earnings Calendar:
Berkshire Hathaway beats quarterly earnings estimates. Reports show the the investment oracle, has been doubling down on shares of Bank of America. Shares of Apple has been a huge win for
Berkshire Hathaway.
In M&A News:
Microsoft has confirmed it is in negotiations to buy Tik Tok, the popular controversial Chinese social media company that operates in the here in the US. The Administryation has threatened to shut down the company, declaring it a national security risk.
What About The Asian And European Markets?
Major Asian markets ended mixed overnight. Japan (Nikkei 225) up 2.24%, Shanghai up 1.75%, Hong Kong (Hang Seng) fell 0.56%.
Major European markets ended solidly higher. German (DAX) gained 2.71%, France CAC 40 gained 1.93%, London FTSE 100 gained 2.29%.
Market And Sector Dynamics
Markets opened sharply higher, with the Dow surging 125 points, Nasdaq jumped 90 points, and S&P gained 18 points. WTI crude oil is slightly up, at $40.44/barrel, up 0.42%, while the US 10 Year Bond is trading at 0.566%, early.
Markets gaped even higher after the open, and for the most part remained at those elevated levels for the entire trading session, as investors grapple with new rising Covid-19 case, some vaccine optimism, and congressional negotiations of a new stimulus package.
Today Eli Lilly announced that the had started late stage Covid-19 antibody trials, in nursing homes.
Major technology companies like Apple, Netflix, Microsoft, Tesla, traded sharply higher in the session.
Six of the eleven S&P sectors closed in negative territory, led by Real Estate, Utilities, Basic Materials, Consumer Discretionary, Consumer Staples, and Communication Services. Technology, Healthcare, Industrials, Energy, and Financials, were higher.
Factors Influencing Today's Market
Microsoft confirms it is in talks to buy Tik Tok, the China owned social media platform.
Congress and the Administration are far apart on deal to extend Covid-19 $600/week boost to jobless Americans.
Drugmaker, Eli Lilly, started late stage covid-19 antibody clinical trials in nursing homes.
Department store, Lord and Taylor has file for Chapter 11 Bankruptcy protection over the weekend.
July's Purchasing Managers Index came in less than expected 50.9 vs 51.3 expected, but better than the 49.8 for June.
July's ISM Manufacturing Index came on a strong 54.2 vs 53.5 expected.
US 10 Year Bond Yield closed today at 0.554%, up 3.98%.
WTI crude oil close today's session at $40.59/barrel, down 0.17%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading all the indexes were solidly in positive territory. The Dow gained 236.08 points, Nasdaq gained 157.52 points, and S&P was up 23.49 points. Total NYSE volume traded, a moderate 4.48 billion shares. Advancing shares outpaced Declining shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments