Wednesday's Market Recap - Strong Technology Based Rally Send Stock Soaring.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are convincingly in the green at this hour. Dow futures are up 96 points, Nasdaq futures up 197 points, and S&P futures up 23 points. Looks like we could have a up day, after the last three days of losses.
On The Bond Desk:
The US 10 Year Bond Yield at 0.68%, down 0.04%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $37.35/barrel, up 1.61%.
On the Earnings Calendar:
None
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets closed lower overnight. Japan (Nikkei 225) down 1.04%, Shanghai down 1.86%, Hong Kong (Hang Seng) down 0.63%
Major European markets closed moderately higher. German (DAX) up 2.07%, France CAC 40 up 1.40%, London FTSE 100 up 1.39%.
Market And Sector Dynamics
Markets opened sharply higher, with the Dow gaining 246 points, Nasdaq up 218 points, and the S&P gained 44 points. The early rally was broad based pushing all eleven S&P sectors higher. WTI crude oil is up, at $37.05/barrel, regaining a fraction 0.79% of yesterday's losses, and the US 10 Year hovers at 0.677%.
Shares of big technology companies, consumer discretionary, and financials are leading early.
Markets gained upward momentum for the entire session, with the Dow up 700 points during the final hour of trading, but pulled back slightly in the final 15 minutes of trading, after a new report that the Administration may be working on a restructuring of TikTok rather than an outright sale to Microsoft and Walmart or Oracle, as was previously reported. Shares of Walmart and Microsoft did trim some of their gains into the close of trading.
Today's rally was very reassuring for investors, as all eleven S&P sectors ended the day higher, led by Technology, Basic Materials, Consumer Discretionary, Healthcare, Industrials, Consumer Staples, Utilities, Real Estate, Financials, and Energy.
Factors Influencing Today's Market
Shares of technology companies roared back to life today leading a solid rally, after days of losses.
US 10 Year Bond Yield closed at 0.698%, up 2.40%
WTI crude oil price closed up at $38.05/barrel, up 3.51%.
July's JOLTS Job opening increased to 6.618 million vs 6.00 (revised June), and better than the 5.950 million estimate for July.
Asian market were lower, but European markets ended moderately higher.
Market Close Volume Traded And Advance Decline Ratio
Market clawed back some of the previous days of losses in today's session. The Dow soared 439.58 points, Nasdaq jumped 293.87 points, and the S&P gained 67.12 points. Total NYSE volume traded, a light 3.92 billion shares. Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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