Friday's Market Recap - Biden's Likely $1.9 Billion Stimulus Fuels Week Of Solid Gains.
- Feb 5, 2021
- 2 min read
What is The Premarket Telling Us?
8:00 AM.
To the delight of the bulls, futures are all flashing green at this hour. Dow futures are up130 points, Nasdaq futures up 35 points, and S&P futures up 16 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.14%, up 0.01%.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $$56.57/barrel, up 0.91%.
On the Earnings Calendar:
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended Japan (Nikkei 225) up 1.54%, Shanghai down 0.16%, Hong Kong (Hang Seng) up 0.63%.
Major European markets were . German (DAX) down 0.03%, France CAC 40 up 0.90%, London FTSE 100 down 0.22%.
Market And Sector Dynamics
Markets jumped off to a solid positive start at the open. The Dow gained176 points, Nasdaq gained 38 points, and the S&P gained 17 points. WTI crude oil got off to a positive start at $57.08/barrel, up 1.51%, while the yield on the US 10 Year Bond hovered at 1.10%.
In a choppy, and volatile morning markets traded up and down but remained in positive territory. Shortly less than an hour after that strong open, the Dow was up a modest 28 points. However, twenty-five minutes later the Dow was again up 170 points. The fluctuations were less severe but did continue for the rest of the trading session, and into the close of trading.
Today's rally saw ten of the eleven S&P sectors closing the session with gains, led by, Basic Materials, Energy, Communication Services, Consumer Discretionary, Consumer Staples, Utilities, Industrials, Real Estate, Healthcare, and Financials. Technology was modestly lower in the session.
Factors Influencing Today's Market
President Biden's $1.9 Billion stimulus plan appears to be getting priced into the markets.
US Covid-19 vaccine rollout is definitely picking up steam, as vaccine production is being increased, and more vaccination centers are being set up across the country
January Employment number saw 49,000 new jobs creates, slightly better than the 50,000 estimated.
US 10 Year Bond Yield closed today at 1.169%, up 2.90%.
WTI crude oil closed at $56.85/barrel, up 1.10%.
Baker Hughes US Oil Rig count rose by 6 to 295 total
Market Close Volume Traded And Advance Decline Ratio
Markets concluded today with the fifth consecutive day of gains, pushing the major indexes into record territory. The Dow gained 92.38 points, Nasdaq gained 78.55 points, and the S&P gained 15.09 points. Total NYSE volume traded, a moderate 4.81 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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