Friday's Market Recap - Stocks Rally Higher But Still Down For Seven Straight Weeks.
- cashtonsaunders
- May 13, 2022
- 2 min read
What is The Premarket Telling Us?
Friday, May 13, 2022, AM.
Stock futures were convincingly higher in the premarket. Dow futures were up 258 points, Nasdaq futures were up 207 points, and S&P futures down 46.25 points. Asian markets finished their session higher.
On The Bond Desk:
The US 10 Year Bond Yield at 2.817%, up 0.104%.
Currency Desk:
Eurodollar: 1.03
UK Pound: 1.21
Crude Oil:
WTI crude oil futures at $107.82/barrel, up 1.59%.
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 higher Japan (Nikkei 225) up 2.64%, Shanghai up 0.92%, Hong Kong (Hang Seng) up 2.71 %.
Major European markets closed solidly higher. German (DAX) up 2.10%, France CAC 40 up 2.52%, London FTSE 100 up 2.55%.
Market And Sector Dynamics
Stocks opened the trading session solidly higher with the Dow up 246 points, Nasdaq was up 185 points, and the S&P was up 34 points. WTI crude oil opened was modestly higher at $106.65/barrel, and the US 10 Year Bond hovered at 2.862%.
Except for a brief dip in the early afternoon session, markets remained significantly elevated throughout today's session. At the high of the day, the Dow was up 545 points, but the market momentum moderated slightly into the close.
All eleven S&P sectors ended with strong gains in today's session, led by Consumer Discretionary, Technology, Energy, Real Estate, Communication Services, Basic Materials, Consumer Staples, Financials, Industrials, Utilities, and Healthcare.
Factors Influencing Today's Market
Asian and European stocks ended solidly higher.
US 10 Year Bond Yield closed today at 2.928%, up 3.79%.
WTI crude oil ended today at $110.49/barrel, up 4.11%.
This week's Baker Hughes US Oil Rig count rose by 6 rigs to 563 total
Market Close Volume Traded And Advance Decline Ratio
US markets rallied today. At the close of session the Dow soared 466.36 points, Nasdaq rocketed 434.04 points, and the S&P gained 93.81 points. Total NYSE volume traded was a modest 5.14 billion shares. Advancing shares outpaced Declining shares by 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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