Friday's Market Recap - Stocks Up On Good News From Washington And Earnings.
- cashtonsaunders
- Oct 29, 2021
- 2 min read
What is The Premarket Telling Us?
Friday October 28, 2021 7:22 AM.
Stocks were moderately negative in the premarket. Dow futures were down 42 points, Nasdaq futures down 137 points, and S&P futures down 22 points. Asian markets closed mixed in their sessions.
On The Bond Desk:
The US 10 Year Bond Yield at 1.603%, down 3.4 basis points.
Currency Desk:
Eurodollar: 1.16
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $83.01/barrel, up 0.24%.
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 the day mixed. Japan (Nikkei 225) up .25%, Shanghai up 0.82%, Hong Kong (Hang Seng) down 0.70%
Major European markets ended mixed on Friday. German (DAX) slipped 0.05%, France CAC 40 up 0.38%, London FTSE 100 up 0.16%.
Market And Sector Dynamics
Stock opened moderately lower, as was indicated by the futures. The Dow fell 16 points, Nasdaq fell 112 points, and the S&P fell 23 points. WTI crude oil also declines slightly to $82.09/barrel, down 0.87%, while the US 10 Year Bond added 2.9 basis points, to 1.598%.
The markets drifted even lower after the open, with the Dow down 66 points, but reversed course midway through the morning session, and continued higher into the afternoon session, to close at the high of the day. Shares of Visa, Merck, and Microsoft powered the intraday turnaround.
In Washington a framework for the Biden Administrations 'Build Back Better Plan' was released, bring passage of that legislation that much closed to being a reality. A vote on already Senate approved Infrastructure plan and the Build Back Better Plan could come in the next few days. That also help to generate positive sentiment for the markets today.
Seven of the eleven S&P sectors ended with losses today, led by Real Estate, Energy, Utilities, Basic Materials, Financials, Consumer Staples, and Consumer Discretionary. Healthcare, Communication Services, and Technology ended with gains. Industrials were unchanged.
Factors Influencing Today's Market
Chicago PMI for October came stronger than expected at 68.4 vs 64.70 in September.
October's Consumer Sentiment held steady at 71.7 the same as the mid-month read.
The Democrats announced a framework for the Biden Administrations Build Back Better Plan today.
Both the Asian and European markets ended mixed in today's session.
Shares of Visa, Merck, and Microsoft were positive catalysts for the markets in the session.
US 10 Year Bond Yield closed at 1.561%, down 1.10%.
WTI crude oil ended today at $83.57/barrel, up 0.92%.
This week's Baker Hughes US Oil Rig count rose 1 to 444 total.
Market Close Volume Traded And Advance Decline Ratio
Markets changed course intraday to record a moderate day of gains. At the close the Dow gained 89.08 points, Nasdaq gained 50.27 points, and the S&P gained 8.96 points. Total NYSE volume traded, a light 4.54 billion shares. Declining shares just outpaced Advancing shares 1.05:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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