Friday's Market Recap - Stock Recorded Another Positive Day Even As Fiscal Stimulus Seem Unlikely.
What is The Premarket Telling Us?
7:30 AM.
Stock futures are mildly higher this morning, with the Dow up 85 points, Nasdaq up 47 points, and the S&P rose 10 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.73%, up 0.01%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $40.61/barrel, down 0.85%.
On the Earnings Calendar:
Bank of New York Mellon Financial beat Q3 earnings performance. The company also has declared a divident.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) lost 0.41%, Shanghai added 0.13%, Hong Kong (Hang Seng) gained 0.94%.
Major European markets closed with solid gains. German (DAX) gains up 1.62%, France CAC 40 gained 2.03%, London FTSE 100 up 1.49%.
Market And Sector Dynamics
Markets got off to a sharply higher start this morning. The Dow gained 145 points, Nasdaq gained 48 points, and the S&P rose 13 points. Stocks climbed higher shortly after the open, with the Dow reaching a high of more than 340 points, an hour after the open. Stocks pulled back slightly from that lofty level but did remain elevated for the rest of the session before losing some stream minutes before the close.
With the chance of an additional fiscal stimulus before the election fading, markets still managed to eek out a risk-on session.
Seven of the eleven S&P sectors closed the session with gains, led by Utilities, Healthcare, Industrials, Basic Materials, Financials, Staples, and Communication Services. Energy, Consumer Discretionary, Real Estate, and Technology were the main drag in today's session.
Factors Influencing Today's Market
It appears no additional fiscal stimulus will happen before the November elections.
Asian and European markets were higher in their sessions.
US 10 Year Bond Yield closed at 0.749%, up 1.35%.
WTI crude oil closed at $40.28/barrel, down 0.20%
This week's Baker Hughes Oil Rig count rose 12 to 204 rigs, the biggest increase since January.
Market Close Volume Traded And Advance Decline Ratio
Markets finished mixed in today's session. The Dow gained 112.11 points, Nasdaq lost 42.31points, and S&P rose 0.47 a fraction of a point. Total NYSE volume traded, a moderate 4.69 billion shares. Declining shares outpaced Advancing shares by 1.43:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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