Friday's Market Recap - Stocks Turned In A Solid Rally On Strong US Data And Solid Earnings From
What is The Premarket Telling Us?
7:00 AM.
Stock futures are slightly lower on the last trading day of the week. Dow futures are down 88 points, Nasdaq futures down 20 points, and S&P futures down 11 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.64%, down 0.04%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $42.20 down 1.45%.
On the Earnings Calendar:
Deere reported strong quarterly results. The company beat handily on both the top and bottom line.
In M&A News:
What About The Asian And European Markets?
Major Asian markets closed modestly higher. Japan (Nikkei 225) up 0.17%, Shanghai up 0.50%, Hong Kong (Hang Seng) up 1.30%.
Major European markets closed with modest losses. German (DAX) down 0.51%, France CAC 40 down 0.30%, London FTSE 100 fell down 0.19%.
Market And Sector Dynamics
Market opened flat to mildly lower. The Dow fell 4 points, Nasdaq fell 9 points, and the S&P slipped 1 point. WTI crude oil started the day lower at $41.99/barrel, down 1.94%, and the 10 Year slipped 0.6 basis points, to 0.638%.
A strong August Flash PMI Report and a surge in July Existing Home Sales, as well as a better than expected quarterly earnings report from Deere, is driving positive market sentiment this morning. August Flash PMI in Europe was weaker than expected.
Stock traded in positive territory for the entire session, gaining momentum as the session progressed.
Seven of the eleven S&P sectors closed the session with modest gains, led by Technology, Consumer Discretionary, Industrials, Consumer Stapled, Real Estate, Utilities, and Healthcare. Energy, Basic Materials, Communication Services, and Financials, were lower.
Factors Influencing Today's Market
A strong August Flash PMI Report - 54.7 vs 51.3.
July Existing Home Sales surged 5.860 million vs 5.40 estimated.
Better than expected quarterly earnings from Deere.
US 10 Year Bond closed at 0.639%, down 2.48%.
WTI crude oil closed at $42.34/barrel, down 0.56%.
This week's Baker Hughes US Oil Rig count jumped 11 to 183 total.
Market Close Volume Traded And Advance Decline Ratio
Market ended solidly higher in today's session. The Dow gained 190.60 points, Nasdaq rose 46.85 points, and the S&P rose 11.65 points. Total NYSE volume traded, a light 3.52 billion shares. Declining shares outpaced Advancing shares nearly 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments