Monday's Market Recap - A Strong Technology Rally Led Markets Higher.
- Feb 1, 2021
- 2 min read
What is The Premarket Telling Us?
8:00 AM.
US stock futures are pointing moderately higher at this hour, suggesting investors may be looking to recover some of Friday's losses. Dow futures are up 222 points, Nasdaq futures up 141 points, and S&P futures up 36 points. Asian markets finished their session with gains.
On The Bond Desk:
The US 10 Year Bond Yield at 1.09%, up 0.03%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $52.63/barrel, up 0.82%.
On the Earnings Calendar:
Investors are anticipating another busy week of earning, with Alibaba,
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets were higher overnight. Japan (Nikkei 225) gained1.55%, Shanghai gained 0.64%, Hong Kong (Hang Seng) gained 2.15%.
Major European markets were also solidly higher. German (DAX) up 1.41%, France CAC 40 up 1.16%, London FTSE 100 gained 0.92%.
Market And Sector Dynamics
Stocks opened sharply higher with the Dow up 270 points, Nasdaq gained 172 points, and S&P gained 39 points. WTI crude oil was up $52.78/barrel, up 1.11%, while the US 10 Year Bond was down 0.6 basis points to 1.088%. Technology shares have taken leadership of markets today the market today.
Stocks pulled back modestly during the next hour of the session, before gapping higher just before noon and remained at that elevated level for the rest of the afternoon, before losing a bit of momentum into the close.
At the intraday low, in the morning the Dow was up 53 points, and at the high the Dow was up 345 points, a little more than an hour before the close of trading.
The Game Stop short squeeze dilemma continued today, albeit less intense, with the traders seeming to move over to the commodity space silver ETF, the SLV, which rose to its highest level in many years.
Eight of the eleven S&P sectors closed the day with modest gains led by Energy, Financials, Industrials, Communication Services, Consumer Staples, Healthcare, Basic Materials, and Consumer Discretionary. Real Estate, Technology, and Utilities were today's laggards.
Factors Influencing Today's Market
Asian and European markets were all solidly higher in today's session.
US stocks futures ended today's session at 1.079%, up 0.79%.
WTI crude oil closed at $53.60/barrel, up 3.12%.
The Game Stop short squeeze continued today but with less intensity.
Market Close Volume Traded And Advance Decline Ratio
When trading ended today the Dow gained 229.29 points, Nasdaq soared 332.70 points, and the S&P added 59.62 points. Total NYSE volume traded, a moderate 5.39 billion shares. Advancing shares outpaced Declining shares by 3.59:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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