Monday's Market Recap - Stocks Closed With Modest Gains As Tesla Hits One Trillion Dollar Market Cap
- cashtonsaunders
- Oct 25, 2021
- 2 min read
What is The Premarket Telling Us?
Monday October 25, 2021 7:32 AM.
US stock futures were mildly higher in the premarket. Dow futures were up 3 points, Nasdaq futures up 35 points, and S&P futures up 4 point.
Asian markets ended mixed in overseas trading. This week kicks off a heavy week of earning, with some of our major big technology companies reporting. Facebook reports after the close today, and Apple, Amazon, and Alphabet (Google) reporting later in the week.
On The Bond Desk:
The US 10 Year Bond Yield at 1.655%, down 0.021%.
Currency Desk:
Eurodollar: 1.16
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $84.88/barrel.
On the Earnings Calendar:
Facebook reports third quarter earnings results after the close of trading today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed overnight. Japan (Nikkei 225) down 0.71%, Shanghai added 0.76%, Hong Kong (Hang Seng) slipped 0.03%.
Major European markets also ended the day mixed. German (DAX) up 0.36%, France CAC 40 up 0.25%, London FTSE 100 down 0.35%.
Market And Sector Dynamics
Stocks opened today's trading session modestly higher. The Dow gained 50 points, Nasdaq gained 64 points, and the S&P rose 10 points. WTI crude oil also started off the day higher at $85.12/barrel, up 0.47%, and the US 10 Year Bond Yield slipped 1.5 basis points.
Shares of Tesla dominated markets during the session, after the rental care company, Hertz, announced it was buying 100,000 Tesla cars for it's rental fleet. Shares of Tesla climbed higher all day, sending its market cap valuation above the coveted 1 Trillion Dollar.
In Washington, there are indications that a deal on the administration's proposed Build Back Better plan may be nearing an agreement.
Nine of the eleven S&P sectors ended the session with gains, led by Consumer Discretionary, Energy, Basic Materials, Communication Services, Technology, Real Estate, Industrials, Healthcare, and Consumer Staples. Utilities, and Financials were mildly lower.
Factors Influencing Today's Market
Rental company, Hertz announced today that it will order 100,000 Tesla cars for its rental fleet. Shares of Tesla rocketed higher, taking it over the 1 Trillion Dollar market capitalization mark.
Asian and European markets ended mixed in their session.
US 10 Year Bond Yield closed at 1.633%, down 0.96%.
WTI crude oil closed at $83.70/barrel, down 0.43%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the three major indexes were higher. Dow futures gained 64.13 points, Nasdaq futures gained 16.51 points, and S&P gained 21.58 points. Total NYSE volume traded, a light 3.87 billion shares. Advancing shares outpaced Declining shares by 1.70:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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