Friday's Market Recap - Another Strong Day For The Bulls With The S&P At Another Record High.
- Apr 8, 2021
- 2 min read
What is The Premarket Telling Us?
7:15 AM.
Stock futures are modestly higher at this hour. Dow futures are up 74 points, Nasdaq futures up 9 points, and S&P futures up 6 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.664%, up 3.2 basis points.
Currency Desk:
Eurodollar:1.18
UK Pound:1.37
Crude Oil:
WTI crude oil futures at $59.59%/barrel, down 0.02%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) added 0.20%, Shanghai fell 0.92%, Hong Kong (Hang Seng) lost 1.07%.
Major European markets ended mixed as well. German (DAX) up 0.21%, France CAC 40 up 0.06%, London FTSE 100 down 0.38%.
Market And Sector Dynamics
Stocks opened the trading modestly higher. The Dow gained 20 points, Nasdaq down 46 points, and the S&P was flat. The Dow rallied even higher after the open, up 140 points, fifteen minutes after the opening bell.
Stocks pulled back from the morning high, but remained firmly in positive territory, for the rest of the session, before gaping even, higher into the close. The US 10 Year has pulled back, suggesting that investors may now be convinced that that the Fed means what it says. It will not modify it's dovish stance until it's interest rate, and employment target mandate has been met. In the meantime, the Fed believes the current rise in interest rate is transitory.
Eight of the eleven S&P sectors closed higher in today's rally, led by Healthcare, Consumer Discretionary, Industrials, Technology, Financials, Basic Materials, Communication Services, and Real Estate. Energy, Consumer Staples, and Utilities finished lower.
Factors Influencing Today's Market
The final read on March Producer Price Index (PPI) rose 1.0% vs 0.50% expected.
Asian and European markets ended mixed in their sessions.
US 10 Year Bond Yield closed today at 1.662%, up 2.20%.
WTI crude oil closed today at $59.32/barrel, down 0.47%.
Baker Hughes Oil Rig Count remained unchanged at 337 total.
Market Close Volume Traded And Advance Decline Ratio
When trading ended for the week, all three major indexes were solidly higher once again. The Dow gained 297.03 points, Nasdaq gained 70.88 points, and the S&P gained 31.63 points. Total NYSE volume traded, a light 3.68billion shares. Advancing shares outpaced declining shares by 1.24:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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