Monday's Market Recap - Moderna Covid-19 Vaccine News Pumped Stock Today.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are flashing a sea of green at this hour. Dow futures up 266 points, Nasdaq futures up 66 points, and S&P futures up 27 points. Asian markets ended the overnight session with gains.
On The Bond Desk:
The US 10 Year Bond Yield at 0.89%, up 0.01%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $41.17/barrel, up 2.59%.
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets closed with solid gains. Japan (Nikkei 225) gained 2.05%, Shanghai up 1.11%, Hong Kong (Hang Seng) up 0.86%.
Major European markets also closed with gains. German (DAX) up 0.47%, France CAC 40 up 1.70%, London FTSE 100 up 1.66%.
Market And Sector Dynamics
Markets were sharply higher at the outset, with the Dow up 348 points, Nasdaq up 7 points, and the S&P up 27 points. WTI crude oil up big early, at $41.82/barrel, up 4.61%, and US 10 Year Bond Yield at 0.906%. Investors are responding favorably to a press release from Moderna, that their Covid-19 vaccine trial has been 94.5% effective/efficacy. This was the major catalyst in today's markets. Market breadth shows advancing shares, outpacing declining share by 5:1, early in the session. Big technology growth stocks lagged early, with the Nasdaq failing to participate, as the rotation from hyper-growth lockdown stocks to value and small-cap stocks continues. With the promising Pfizer, and Moderna's Covid-19 data investors believe that small-cap and value stocks will benefit from reopening the economy.
Stocks remained elevated for the entire trading session. The rally was broad-based and positive with ten of the eleven S&P sectors ending the day with gains, led by Energy (up 6.50%), Industrials, Financials, Basic Materials, Consumer Discretionary, Utilities, Technology, Consumer Staples, Communication Services, and Real Estate. Healthcare lost modest ground in the session.
Factors Influencing Today's Market
Moderna Covid-19 vaccine vaccine trial is 94.5% effective. A major catalyst for stocks today.
Asian and European stocks ended their sessions solidly higher.
US 10 Year Bond closed at 0.911% up 1.10%.
WTI crude oil closed at $41.39/barrel, up 2.25%.
Market Close Volume Traded And Advance Decline Ratio
The bulls expressed their dominance in the markets today. At the closed of trading, the Dow gained 470.63 points, and is currently 50 points before getting back over Dow 30,000 mark. Nasdaq gained 94.84 points, and S&P gained 41.76 points. Total NYSE volume traded, a modestly heavy 5.33 billion shares. Advancing shares outpaced Declining shares by 4.78 :1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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