Monday's Market Recap - Stocks Powered Higher After President Biden's 'No Lockdown' Reassurance.
- cashtonsaunders
- Nov 30, 2021
- 2 min read
What is The Premarket Telling Us?
Monday, November 29, 2021, 7:22 AM.
Following Friday's surprise market selloff, US stock futures were nicely positive a few hours before the start of trading. Dow futures were up 192 points, Nasdaq futures up 146 points, and S&P futures up 34 points. Major Asian markets all ended lower.
On The Bond Desk:
The US 10 Year Bond Yield at 1.482%, down 0.163%.
Currency Desk:
Eurodollar: 1.12
UK Pound: 1.33
Crude Oil:
WTI crude oil futures rebounded to $71.89/barrel, up 5.05%
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 lower today. Japan (Nikkei 225) down 1.63%, Shanghai down 0.04%, Hong Kong (Hang Seng) down 0.92%.
Major European markets also rebounded in their session. German (DAX) up .016%, France CAC 40 up 0.54%, London FTSE 100 up 0.94%.
Market And Sector Dynamics,
US markets opened the trading day with powerful gains. The Dow soared 352 points, Nasdaq jumped 231 points and the S&P rose 57 points.
WTI crude oil price also rebounded to $72.70/barrel, up 6.68%, and the US 10 Year Bond ticked higher at 1.562%, up 7.7 basis points.
Like a coiled spring, markets rebounded from Friday's massive selloff because of the Omicron variant of the Covid-19 virus, discovered in South Africa. After the strong open, stocks gave up all the morning's gains in midmorning trading, but recovered after President Biden in a morning press conference, with Vice President Harris, and Dr. Anthony Fauci gave an update on the Omicron variant and indicated that a lockdown was not being considered. The markets again rallied on that reassurance and held on to close just below the high of the day.
All eleven S&P sectors rallied convincingly in today's session, led by Technology, Consumer Discretionary, Utilities, Real Estate,
Communication Services, Energy, Staples, Basic Materials, Healthcare, Financials, and Industrials.
Factors Influencing Today's Market
After a strong start stocks faded the rally but regained strength after President Biden's press conference on the Omicron variant.
Asian markets fell today but European markets ended the day with gains.
US 10 Year Bond Yield closed today at 1.502%, down 1.89%.
WTI crude oil ended today at $70.84/barrel, down 0.76%.
Market Close Volume Traded And Advance Decline Ratio
US markets rallied today, pulling back a fraction of Friday's surprise losses. The Dow gained 236.60 points, Nasdaq soared 291.18 points and the S&P gained 60.65 points. Total NYSE volume traded, Advancing shares outpaced Declining shares by 1.22:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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