Friday's Market Recap - Vaccine Optimism And Strong Earnings From Cisco and Disney Lift Stocks.
Updated: Nov 15, 2020
What is The Premarket Telling Us?
7:00 AM.
After yesterday's moderate sell-off in the markets, the bulls will like what they're seeing this morning. US stock futures are moderately higher, with Dow futures up 224 points, Nasdaq futures up 86 points, and S&P futures are up 26 points. Asian markets fell overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.88%, down 0.08%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $40.57/barrel, down 1.34%.
On the Earnings Calendar:
Investors are cheering the better than expected quarterly earnings performance from Cisco, and Disney after the close of trading yesterday.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets ended lower on Friday. Japan (Nikkei 225) lost 0.53%, Shanghai lost 0.86%, Hong Kong (Hang Seng) slipped 0.05%.
Major European markets ended mixed. German (DAX) up 0.18%, France CAC 40 up 0.33%, London FTSE 100 down 0.36%.
Market And Sector Dynamics
Markets opened today's session moderately positive. The Dow rose 213 points, Nasdaq rose 86 points, and the S&P up 25 points. WTI crude oil was off to a lower start at $40.73/barre, down 1.02%. The US 10 Year Bond sits at 0.890%.
Investors seemed content to bid up stocks today, primarily on the belief that with the promising Pfizer vaccine hopefully nearing FDA approval, travel will return in the medium term, benefiting the airline, cruise lines, as well as plane maker, Boeing. Shares of Boeing, the airlines and travel industry are all higher.
Stock gained steady momentum through the entire session to finish near the high of the day.
In today's rally all eleven S&P sectors ended the session with sharp gained led by, Energy, Real Estate, Industrials, Basic Materials, Financials, Consumer Staples, Consumer Discretionary, Healthcare, Communication Services, Utilities, and Technology.
Factors Influencing Today's Market
Better than expected quarterly earnings reports from Disney, and Cisco was a catalyst for markets.
Asian markets were modestly lower, while European markets ended mixed.
Final read for October Producer Price Index (PPI) rose 0.3% vs 0.4% in September.
US 10 Year Bond Yield closed at 0.898%, up 1.66%.
WTI crude oil closed at $40.13/barrel, down 2.41%.
This week's Baker Hughes US Oil Rig Count rose 10 rigs to 236 total.
Market Close Volume Traded And Advance Decline Ratio
Markets ended solidly higher today. The Dow gained 399.64 points, Nasdaq gained 119.70 points, and S&P gained 35.57 points. Total NYSE volume traded, a moderate 4.72 billion shares. Advancing shares outpaced Declining shares better than 5:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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