Monday's Market Recap - Dow Rallies As Investor Sell Tech. And Rotate To Energy, Financials, Ind
What is The Premarket Telling Us?
7:00 AM.
US stock index futures are mostly mixed at this hour, indications of a modest opening when the markets get going at 9:30 AM. Dow futures are up 110 points, Nasdaq futures flat, and S&P futures up 5 points.
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 $41.78/barrel, up 1.36%.
On the Earnings Calendar:
In M&A News:
Investor learned this morning that Twitter may also be bidding for TikTok.
What About The Asian And European Markets?
Major Asian markets closed mixed overnight. Japan (Nikkei 225) lost 0.39%, Shanghai up 0.75%, Hong Kong (Hang Seng) down 0.63%
Major European markets were mildly higher. German (DAX) rose 0.10%, France CAC 40 up 0.41%, London FTSE 100 up 0.31%.
Market And Sector Dynamics
Markets opened moderately higher to start the trading session. The Dow gained 123 points, Nasdaq rose 22 points, and the S&P gained 6 points. Shares of Apple is the main catalyst,early after a recent upgrade from Daniel Ives, of Wedbush Securities, due to the upcoming new 5G iPhone cycle. He also took the price target up to $515.00. WTI crude oil is up early, at $42.05/barrel, a gain of 2.09%.
Over the weekend the President signed four executive orders, which he says will help unemployed workers, with continued unemployment benefits, a deferment of evictions for renters, as well as a payroll tax deferment plan. Many experts and the Democrats see this as unworkable, and will not result in money going to anyone. At best it is a confusing state of affairs. So far, the market has seem neutral on the idea.
Other issues in the market this morning is new that TikTok ByteDance is suing the Administration over the propose plan to shut it down. We also learned that Twitter may also be in the mix, with a bid for TikTok. Shares of McDonals's are moving higher, after a surprising news release from the company this morning stating that it was suing former CEO Steven Esterbrook, for fraud, to try to recovery some of his severance, which was paid to him when he departed.
Stock moved steadily higher during today's session, a solid rally that saw six of the eleven S&P sectors ending with solid gains, led by Energy, Industrials, Basic Materials, Consumer Discretionary, Financials, and Consumer Staples. Communication Services, Healthcare, Technology, Real Estate, and Utilities were modestly lower.
Factors Influencing Today's Market
Share of Apple are higher after an upgrade to outperform from Daniel Ives, of Wedbush Securities, with a target price of $515.00.
Twitter may also be making a bid for TikTok.
ByteDance the parent of TikTok is suing the government over its propose ban.
McDonald's is suing former CEO Steven Easterbrook for fraud, to recover severance payment.
Nikola in deal with Republic Waste Mgmt for xx of garbage trucks.
US 10 Year Bond closed today at 0.581%, up 2.62%.
WTI crude oil closed at $41.94/barrel, up 1.75%
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session, markets were mixed. The Dow soared 357.96 points, Nasdaq fell 42.63 points, and the S&P added 9.19 points. Total NYSE volume traded, a modest 4.07 billion shares. Advancing shares outpaced Declining shares by 2.63:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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