Monday's Market Recap - A Powerful Rally Fueled By A 90% Effective Pfizer's Covid-19 Vaccine.
What is The Premarket Telling Us?
7:00 AM.
Vaccine optimism has stock futures rocketing higher this morning after Pfizer announced that its Covid-19 vaccine has proven to be 90% effective. Dow futures are up 1272 points, Nasdaq futures up 178.50 points, and S&P futures up 123 points.
On The Bond Desk:
The US 10 Year Bond Yield at 0.82%, up 0.04%.
Currency Desk:
Euro dollar: 1.18
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $40.36/barrel, up 8.67%.
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets were solidly higher overnight. Japan (Nikkei 225) gained 2.12%, Shanghai rose 1.86%, Hong Kong (Hang Seng) up 1.1
Major European markets soared today.. German (DAX) jumped 4.94%, France CAC 40 soared 7.57%, London FTSE 100 jumped 4.67%.
Market And Sector Dynamics
Stocks hit stratospheric heights at the open, after drugmaker Pfizer announced that its Covid-19 Phase 3 clinical trials was 90% effective against the disease. The Dow climbed 1560 points, Nasdaq gained 155 points, and the S&P up 131 points. Shares of Pfizer, Boeing, airlines, took off early, to lead a broad-based rally. WTI crude oil started off at $42.97/barrel, up more than 10%. The US 10 Year Bond hovered at 0.930%.
Stocks remained at or near these elevated levels for most of the session, before losing some of its momentum later in the afternoon, ticking slightly lower just before the close of trading.
Seven of the eleven S&P sectors ended the session with gains, led by Energy (14.22), Financials (8.17%), Industrials, Real Estate, Basic Materials, Utilities, and Healthcare.
Factors Influencing Today's Market
Vaccine optimism drove today's session with Pfizer announcing its Covid-19 vaccine was 90% effective.
Asian and European markets soared in their sessions.
US 10 Year Bond Yield closed at 0.925%, up 11.43%.
WTI crude oil price closed today at $39.69/barrel, up 5.06%
Market Close Volume Traded And Advance Decline Ratio
When the markets closed the indexes were mixed. The Dow gained 834.57 points, Nasdaq lost 181.45 points, and the S&P gained 41.06 points. Total NYSE volume traded, a heavy 8.61 billion shares. Advancing shares outpaced Declining shares by 3.58:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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