Monday's Market Recap - Stocks Rally On Better Than Expected Quarterly Earnings, And Tesla Surge.
- cashtonsaunders
- Nov 1, 2021
- 2 min read
What is The Premarket Telling Us?
Monday November 1, 2021 7:45 AM.
Here's what US stock futures looked like more than two hours ahead of the start of trading. Dow futures up 176 points, Nasdaq futures up 64 points, and S&P futures up 21 points. Asian markets closed mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.55%, down 0.011%.
Currency Desk:
Eurodollar: 1.15
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $84.03/barrel, up .055%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) gained 2.61%, Shanghai down 0.08%, Hong Kong (Hang Seng) down 0.88%.
Major European markets traded higher on Monday. German (DAX) up 0.75%, France CAC 40 up 0.92%, London FTSE 100 up 0.71%.
Market And Sector Dynamics
A few minutes after the opening bell US stocks traded comfortably higher. The Dow was up 161 points, Nasdaq gained 6 points, and the S&P was up 7 points. WTI crude oil also traded higher, up 1.26%, to $84.62/barrel, up and the US 10 Year Bond ticked higher at 1.600%, up 4.3 basis points.
Both the Dow, Nasdaq and the S&P recorded intraday record highs early in the morning session, with the Dow up 185 points, climbing above the 36,000 level for the first time. Shares of Tesla outperformed again today, showing its dominance in the EV world, and sending the shares of other EV companies higher.
As of Friday roughly 50% of companies have now reported third quarter earnings results, and so far 80 of these companies have beat analyst expectations, which has been quite impressive. After a strong October performance investors seem quite confident to push markets higher.
The market turned negative around 11:00 AM, but recovered a short while later, returned to positive territory and held on to some of the earlier gains, at the close.
Today's session was mostly positive, with nine of the eleven S&P sectors closing with gains, led by Energy, Consumer Discretionary, Utilities, Industrials, Basic Materials, Real Estate, Financials, and Consumer Staples. Communication Services, Healthcare, and Technology ended lower.
Factors Influencing Today's Market
Shares of Tesla surged again today adding positive sentiment to markets
US 10 Year Bond Yield closed today at 1.561%, down 1.00%.
WTI crude oil closed at $83.86/barrel, up 1.06%.
Asian market ended mixed, while European markets closed with gains.
Market Close Volume Traded And Advance Decline Ratio
When trading ended today, the three major indexes were all higher. The Dow gained 94.28 points, Nasdaq gained 97.53 points, and the S&P gained 8.29 points. Total NYSE volume traded, a light 3.98 billion shares. Advancing shares outpaced Declining shares by 2.94:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
תגובות