Tuesday's Market Recap - Another Day Of Gains Led By Energy & Consumer Staples.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are modestly in the red this morning, two and a half hours before the start of trading. Dow futures are down 40 points, Nasdaq futures down 34 points, and S&P futures down 9 points. Asian stocks were nicely higher in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 0.56%, up 0.02%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $40.38/barrel, down 1.54%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets traded nicely higher overnight. Japan (Nikkei 225) up 1.70%, Shanghai up 11%, Hong Kong (Hang Seng) up 2.00%.
Major European markets closed mostly mixed. German (DAX) fell 0.36%, France CAC 40 up 0.28%, London FTSE 100 added 0.05%.
Market And Sector Dynamics
The trading session started modestly lower, with the Dow down 19 points, Nasdaq down 5 points, and the S&P down 5 points. Negotiations are continuing in Washington, on additional stimulus which would extend the $600/week unemployment boost for workers laid off due to the pandemic.
The original program ended last week, and no new agreement has been reached so far, making investors fearful, that if a deal is not made, the economy could see a new round of tenant evictions, mortgage delinquencies, and a further reductions in demand for consumer goods and services, that would hurt the chances of economic recovery.
Market climbed steadily higher as the session progressed, and surged even higher into the close.
The rally was broad based, with nine of the eleven S&P sectors closed with gains, led by Energy, Consumer Staples, Real Estate, Basic Materials, Utilities, Consumer Discretionary, Communication Services, Industrials, and Technology. Healthcare and Financials ended with modest losses.
Factors Influencing Today's Market
Congress and the Administration continue stimulus negotiations in Washington.
Asian and European markets traded higher in their sessions.
US 10 Year Bond Yield lost significant ground today, to close at 0.512%, down 7.67%.
Gold prices have surged in recent days, suggesting a potential flight to safety trade.
WTI crude oil ended the day at $41.70/barrel up 1.68%.
Market Close Volume Traded And Advance Decline Ratio
Markets notched another day of gains today. The Dow gained 164.07 points, Nasdaq gained 38.37 points, and S&P gained 11.90 points. Total NYSE volume traded, a moderate 4.45 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