Friday's Market Recap - Dow Rallies In Mixed Session.
- May 20, 2021
- 2 min read
What is The Premarket Telling Us?
May 21, 2021 7:00 AM.
Modestly positive, describes US stock futures are this hour. Dow futures up 103 points, Nasdaq futures up 27 points, and S&P futures up 11 points. Asian markets finished mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.634%, up 0.049%.
Currency Desk:
Eurodollar: 1.22
UK Pound: 1.42
Crude Oil:
WTI crude oil futures at $62.87/barrel, up 1.50%.
On the Earnings Calendar:
John Deere report strong quarterly earning before the start of trading this morning.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) up 0.78%, Shanghai down 0.58%, Hong Kong (Hang Seng) up 0.03%.
Major European markets also ended mixed. German (DAX) up 0.44%, France CAC 40 up 0.68%, London FTSE 100 down 0.02%.
Market And Sector Dynamics
Markets opened the session well into positive territory. The Dow gained 164 points, Nasdaq gained 72 points, and the S&P added 20 points. WTI crude oil was also higher at $63.44/barrel, up 2.41%, while the US 10 Year ticked lower at 1.615%.
Stocks remained elevated for the entire trading session, with the Dow up 320 points, the intraday high, shortly after the open. The Dow lost some of its morning momentum in the afternoon session, but managed to hold on comfortably in positive territory.
The Nasdaq and the S&P, despite opening higher, lost their gains intraday, and both failed to get back above the neutral line.
Six of the eleven S&P sector closed the session with losses, led by Consumer Discretionary, Technology, Communication Services, Real Estate, Consumer Staples, and Healthcare. Financials, Utilities, Industrials, Basic Materials, and Energy ended the day higher.
Factors Influencing Today's Market
Deere report strong quarterly earnings before the opening bell.
Specialty chipmaker, Nvidia announced a 4:1 stock split.
US 10 Year Bond Yield ended today at 1.623%, down 0.31%.
WTI crude oil closed today at $63.58/barrel, up 2.47%.
This week's Baker Hughes US oil rig count rose 4 rigs to 356 total.
Market Close Volume Traded And Advance Decline Ratio
When trading ended today the indexes were mixed, the Dow gained 123.69 points, Nasdaq fell 64.75 points, and the S&P fell 3.26 points. Total NYSE volume traded, a light 3.99 billion shares. Advancing shares outpaced Declining shares by 1.45:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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