Wednesday's Market Recap - Another 'Risk On' Session Driven By Big Technology Stocks.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are smartly higher this morning, suggesting investor may be looking to reclaim yesterday's late session selloff. Dow futures are up 260 points, Nasdaq futures up 97 points, and S&P futures are up 25 points. Asian markets closed mixed overnight, and European stocks are mostly up early in their session, despite newly released data in the UK showing the economy shrank by 20.4% in the second quarter.
On The Bond Desk:
The US 10 Year Bond Yield at 0.66%,up 0.09%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $42.22/barrel, up 1.47%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.41%, Shanghai down 0.63%, Hong Kong (Hang Seng) up up 1.42%.
Major European markets. German (DAX) up 0.86%, France CAC 40 up 0.90%, London FTSE 100 gained up 2.04%.
Market And Sector Dynamics
Markets got off to a brisk start this morning, with the Dow jumping 283 points, Nasdaq surged 98 points, and the S&P gained 29 points. WTI crude oil is comfortably above the forty two dollar market, at $42.42/barrel, up 1.95%, and the US 10 Year Bond sits at 0.666%.
Market breath is solidly positive at 6:1, early, and shares of Apple are leading the Dow higher. All eleven S&P sectors are trading in positive territory.
Stocks remained elevated during the entire session, gaining added momentum into the close.
Ten of the eleven S&P sectors closed higher in today's session, led by Technology, Healthcare, Consumer Disretionary, Utilities, Consumer Staples, Real Estate, Communication Services, Basic Materials, and Industrials. Financials traded lower in the session.
Factors Influencing Today's Market
Asian and European stock were mostly higher in their sessions.
Technology shares staged a strong rebound rally today, with Apple, Tesla, Microsoft, Netflix, Facebook, and Amazon leading the way.
July CPI rose a better than expected 0.6% vs 0.3% estimated.
The UK economy shank 20.4% in the second quarter. It's worst decline on record.
US 10 Year Bond closed at 0.673%, up 4.65%.
WTI crude oil closed at $42.55/barrel, up 2.26%.
This weeks EIA Petroleum Status Report show US crude oil inventories fell 4.5 million barrels.
Market Close Volume Traded And Advance Decline Ratio
All three of the major indexes were solidly higher at the close. The Dow surged 289.93 points, Nasdaq soared 229.42 points, and S&P gained 46.66 points. Total NYSE volume traded, a light 3.81 billion shares. Advancing shares outpaced Declining shares by 1.68:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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