Friday's Market Recap - Dow, Nasdaq, And S&P. A Trifecta Of Record Highs.

cashtonsaunders
Jul 1, 2021
2 min read

What is The Premarket Telling Us?

July 2, 2021 7:16 AM.

Futures contracts area modestly positive at the moment, with Dow futures up 15 points, Nasdaq futures up 32 points, and S&P futures up 3.5 points. Asian market ended mixed overnight.

On The Bond Desk:

The US 10 Year Bond Yield at 1.444%, down 3.6 basis points.

Currency Desk:

Eurodollar: 1.18

UK Pound: 1.37

Crude Oil:

WTI crude oil futures was up $75.13/barrel, down 0.13%.

On the Earnings Calendar:

None to report

In M&A News:

None to report

What About The Asian And European Markets?

Major Asian markets closed mixed. Japan (Nikkei 225) up 0.27%, Shanghai down 1.97%, Hong Kong (Hang Seng) down 1.8

Major European markets were also mixed. German (DAX) up 0.30%, France CAC 40 fell 0.01%, London FTSE 100 slipped 0.03%

Market And Sector Dynamics

Markets opened modestly higher on the last trading day for the week. The Dow gained 57 points, Nasdaq gained 61 points, and the S&P gained 12 points. WTI crude oil started the day slightly lower at $74.91/barrel, down 0.43%, and the US 10 Year Bond hovered at 1.456%, down 2.4 basis points.

The Dow traded in a narrow range above the flat line for most of the morning session, before turning convincingly higher after midday, and continued into the close. Stocks were reacting to the a better than expected string of US economic data, culminating today with a solid employment report, showing the economy in great shape, but not too hot to encourage the Fed change its dovish policy stance. At the same time the US 10 Year Bond remains subdued, dampening any fear of inflation, allowing technology growth to reassert their leader role in the markets.

In today's rally nine of the eleven S&P sectors ended the session with gains, led by Technology, Consumer Discretionary, Communication Services, Healthcare, Real Estate, Consumer Staples, Industrials, Basic Materials, and Utilities. Energy, and Financials ended modestly lower.

Factors Influencing Today's Market

The Bureau of Labor, June Employment status report shows the economy added 850,000 new jobs, and the unemployment rate ticked up to 5.9%.
Asian and European markets ended mixed in their sessions.
US 10 Year Bond Yield fell today to 1.431%, down 1.98%.
WTI crude oil price ended the day at $75.04/barrel, down 0.25%.
This week's Baker Hughes US Oil Rig count increase by 4 to 376 rigs total.

Market Close Volume Traded And Advance Decline Ratio

When trading ended today, the three major indexes had racked up new record highs. The Dow gained 152.82 points, Nasdaq gained 116.95 points, and the S&P gained 32.40 points. Total NYSE volume traded, a light 3.22 billion shares. Advancing and Declining shares slightly better than even.

Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.