Friday's Market Recap - Stocks Rally On Strength Of Post Pandemic Economic Recovery.
- May 27, 2021
- 2 min read
What is The Premarket Telling Us?
Friday 28, 2021 7:15 AM.
Stock futures are glistening green at this hour, suggesting markets are ready to continue yesterday's rally. Dow futures are up 186 points, Nasdaq futures up 57 points, and S&P futures up 18 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.608%, down 0.2 basis points.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $67.20/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 closed mixed in their session. Japan (Nikkei 225) up 2.10%, Shanghai down 0.22%, Hong Kong (Hang Seng) up 0.04%.
Major European markets closed higher. German (DAX) up 0.74%, France CAC 40 up 0.74%, London FTSE 100 added 0.04%.
Market And Sector Dynamics
Markets opened convincingly higher today, following yesterday's rally after the better than expected initial jobless claims report, confirming than post pandemic recovery is in full swing. The Dow soared 186 points, Nasdaq gained 57 points, and the S&P gained 18 points. WTI crude oil opened at $66.12/barrel, up 0.14%, and the US 10 Year Bond Yield was up 3.7 basis points, to 1.611%.
Stock hung out in positive territory for the entire session, as investors cheered the post pandemic economic recovery, as the Covid-19 infections plummet fueling confidence in a return to normal. Stock pulled back in the final minutes of trading, ahead of the long Memorial Day weekend.
In today's rally, six of the eleven S&P sectors ended with modest gains, led by Real Estate, Utilities, Technology, Healthcare, Energy, and Financials. Communication Services, Consumer Discretionary, Basic Materials, Industrials, and Consumer Staples, were modestly lower or flat.
Factors Influencing Today's Market
Confidence in the post pandemic economic recovery dominated markets in today's session.
Asian markets ended the day mixed, and the European markets ended their session higher.
US 10 Year Bond Yield ended the day at 1.581%, down 1.59%.
WTI crude oil ended the day at $66.36/barrel, down 0.79%.
This week's Baker Hughes US Oil Rig count rose 3 to 359 rigs total.
Market Close Volume Traded And Advance Decline Ratio
When the trading week ended the three major indexes were mildly higher. The Dow gained 64.91 points, Nasdaq gained 12.46 points, and the S&P added 3.23 points. Total NYSE volume traded, a modest 4.70 billion shares. Advancing shares outpaced Declining shares by 1.48:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments