Monday's Market Recap - Dow Soars More Than 350 Points In 'Risk On' Session.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are flashing a lot of green this morning, to kick of the new week of trading. Dow futures are up 265 points, Nasdaq futures up 105 points, and S&P futures up 27 points.
The Gulf Coast is being threatened by two storm/hurricane, Marco, and Laura, which has oil companies removing worker from oil rigs in the Gulf. The Republican Convention begins today in North Carolina.
On The Bond Desk:
The US 10 Year Bond Yield is at 0.64%, unchanged.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.30
Crude Oil:
WTI crude oil futures at $$42.61/barrel, up 0.64%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets finished higher in their session. Japan (Nikkei 225) gained 0.28%, Shanghai added 0.15%, Hong Kong (Hang Seng) gained 1.74%.
Major European markets closed sharply higher. German (DAX) gained 2.36%, France CAC 40 gained 2.28%, London FTSE 100 up 1.71%
Market And Sector Dynamics
Markets jumped off to a solid start. The Dow gained 209 points, Nasdaq gained 130 points, and the S&P gained 27 points. WTI crude oil was up modestly at $42.46/barrel, and the US 10 Year Bond hovered at 0.633%.
Market gaped higher after the opening, as Apple, Tesla, Boeing and shares of airline companies surged higher. Yesterday the government/The Federal Drug Administration approved emergency use authorization of convalescence plasma for the treatment of Covid-19. There is some controversy however, as the President touts it as a major break through, while expert scientist says its promising. Investors see anything that has to do with the treatment of Covid-19 as positive, and that optimism push stocks up.
Markets remained elevated for the entire session, and ticked even higher in the last few minutes of trading.
Ten of the eleven S&P sectors close the day with solid gains, led by Energy, Financials, Industrials, Basic Materials, Consumer Discretionary, Communication Services, Utilities, Technology, Consumer Staples, and Real Estate. Healthcare was modestly lower.
Factors Influencing Today's Market
Vaccine of Therapy optimism as the FDA approves the emergency use authorization for convalescence plasma for treating some Covid-19 patients.
Asian market traded higher as China loosens regulation to make it easier for Chinese IPOs to lauch at home.
European market also had solid trading day.
US 10 Year Bond Yield closed at 0.654%, up 3.59%.
WTI crude oil closed at $42.42/barrel, down 0.05%.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading all the major indexes were sharply higher. The Dow soared 378.13 points, Nasdaq gained 67.92 points, and the S&P gained 34.12 points. Total NYSE volume traded, a light 3.76 billion shares. Advancing shares outpaced Declining shares by 2.58:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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