Friday's Market Recap - Stocks Rallied To Close The Week Modestly Higher.
- Apr 22, 2021
- 2 min read
What is The Premarket Telling Us?
Friday, April 23, 2021, 7:00 AM.
US stock futures are modestly positive this morning, with Dow futures up 59 points, Nasdaq futures up 29 points, and S&P futures up 11 points. Asian markets ended mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.554%, down 0.01%
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $61.78/barrel, up 0.57%.
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) down 0.57%, Shanghai up 0.26%, Hong Kong (Hang Seng) up 1.12%.
Major European markets were mostly flat. German (DAX) down 0.27%, France CAC 40 down 0.15%, London FTSE 100 was neutral.
Market And Sector Dynamics
After opening flat to slightly mixed markets surged higher seeming to shake off any fear on a hike in the current capital gains tax regime, rumored to been considered by the Biden Administration. The markets remained solidly elevated for the entire trading session, ticking to the high of the day, shortly after 3:30 PM, with the Dow up 340 points. The index pulled back a few minutes before the close of trading but managed to hold on to the bulk of the earlier gains.
Investors are confident that market fundamentals remain intact, with earnings season exceeding expectation, and there is a lot of stimulus in the system, with more to come.
Nine of the eleven S&P sectors ended positively in today's rally, led by Financials, Basic Materials, Technology, Communication Services, Industrials, Consumer Discretionary, Energy, Healthcare, and Real Estate. Utilities, and Consumer Staples were mildly lower.
Factors Influencing Today's Market
Investor appears to have put any talk of a hike in existing capital gains taxes on the back burner.
US 10 Year Bond Yield closed at 1.559%, up 1.16%.
WTI crude oil price closed at $62.14/barrel, up 1.16%
Baker Hughes US Oil Rig count fell by 1 to 343 total.
Asian markets were mixed, and European stocks ended flat.
Market Close Volume Traded And Advance Decline Ratio
Markets closed solidly higher on Friday, shaking off the fear of a potential increase in capital gains taxes which took stocks down on Thursday. The Dow gained 227.59 points, Nasdaq gained 198.39 points, and the S&P gained 45.19 points. Total NYSE volume traded, a light 3.61 billion shares. Advancing shares outpaced Declining shares by 3.46:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments