Monday's Market Recap - Stocks Rally Big As Bitcoin Falls, And US 10 Year Bond Appears Subdued.
- cashtonsaunders
- Jun 20, 2021
- 2 min read
What is The Premarket Telling Us?
June 21, 2021 7:30 AM.
US stock futures are pointing higher this morning, the begin the new trading week. Dow futures are up 166 points, Nasdaq futures up 47 points, and S&P futures up 15 points. Markets may have shaken off the knee jerk reaction to the Fed's policy action of last week. Asian markets closed mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.49%
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.31
Crude Oil:
WTI crude oil futures at $71.75/barrel, up 0.15%.
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 mixed. Japan (Nikkei 225) down 3.29%, Shanghai up 0.12%, Hong Kong (Hang Seng) down 1.08%.
Major European markets closed higher today. German (DAX) gained 1.0%, France CAC 40 up 0.51%, London FTSE 100 up 0.64%.
Market And Sector Dynamics
Stocks opened the trading session decidedly higher, with the Dow up 220 points, Nasdaq gained 30 points, and the S&P was up 20 points. WTI crude oil was off to a mildly positive start at $71.86/barrel, up 0.31%, and the US 10 Year Bond ticked higher at 1.47%, up 2 basis points. Investor appear to have gotten over the perceived shock of last week's perceived hawkish Fed policy shock.
Markets climbed higher from the opening bell, and continued rising throughout the session, in what can only be described as the perfect scenario for today's rally. The US 10 Year is muted, crude oil continues to rally, Bitcoin and other crypto assets have declined sharply. This has allowed high growth stocks to rally across the board.
All eleven S&P sectors closed today's session with strong gains across the board, led by Energy, Financials, Industrials, Basic Materials, Real Estate, Utilities, Healthcare, Consumer Staples, Technology, Communication Services, and Consumer Discretionary.
Factors Influencing Today's Market
Bitcoin and other cryptocurrency fell hard today as China extends a clamp down on Crypto mining in that country.
Investor seems to have shaken off last week's Fed action, which the market perceived as hawkish.
US 10 Year Bond Yield closed at 1.495%, up 3.75%.
WTI crude oil closed the day at $73.05/barrel up 2.17%.
Asian markets ended mixed, while European markets ended with gains.
Market Close Volume Traded And Advance Decline Ratio
When trading ended, the three major indexes were significantly higher. The Dow soared 586.89 points, Nasdaq gained 111.10 points, and S&P gained 58.34 points. Total NYSE volume traded, a modest 4.19 billion shares. Advancing shares outpaced Declining shares by 2.89:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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