Monday's Market Recap - Stocks Rise On Passage Of Infrastructure Plan & End Of US Covid Travel Ban.
- cashtonsaunders
- Nov 8, 2021
- 2 min read
What is The Premarket Telling Us?
Monday November 2021 7:30 AM.
Stock futures were mildly mixed early. Dow futures up 74 points, Nasdaq futures down 1.5 points, and S&P futures up 4 points. Asian markets ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.481%, up 2.8 basis points.
Currency Desk:
Eurodollar:1.15
UK Pound:1.35
Crude Oil:
WTI crude oil futures at $82.36/barrel, up 1.34%.
On the Earnings Calendar:
Paypal reports after the closing bell this evening.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were mixed today. Japan (Nikkei 225) down 0.35%, Shanghai up 0.20%, Hong Kong (Hang Seng) down 0.43%.
Major European markets ended the day mixed. German (DAX) fell 0.05%, France CAC 40 down 0.10%, London FTSE 100 fell 0.05%.
Market And Sector Dynamics
Markets opened firmly higher today, with the Dow surging 220 points, Nasdaq up 36 points, and the S&P up 15 points. WTI crude oil was up a modest 0.54%, to $81.71/barrel, and the US 10Year Bond to 1.46%, up 11 basis points.
Stocks were up today on continued optimism surrounding newly released data on the new covid-19 pills by Pfizer, and Merck, as well as the passage of the one trillion dollar infrastructure plan passed by the House of Representatives over the weekend, and heading for the President's desk for signature as we speak.
Markets gradually faded after the open, and by noon, the Dow was up only 113 points, before regaining upward momentum, and rallied during the remainder of the session, into the close.
Six of eleven S&P sectors ended the session with gains, led by Basic Materials, Energy, Technology, Healthcare, Financials, and Industrials. Utilities, Consumer Discretionary, Consumer Staples, Communication Services, and Real Estate, ended the session lower.
Factors Influencing Today's Market
Passage of the 1 Trillion bipartisan Infrastructure Plan by the House of Representatives.
Today the US ended Covid-19 travel restriction for vaccinated individuals from 33 in Europe and many other countries.
Asian markets ended mixed, as did the European markets.
Chipmaker AMD signs deal with Meta Platforms Inc. (Facebook) to manufacture chips.
US 10 Year Bond ended the day at 1.493%, up 2.15%.
WTI crude oil closed at $82.03/barrel, up 0.59%.
Market Close Volume Traded And Advance Decline Ratio
Stocks hit new record highs again today, as the Dow gained 104.27 points, Nasdaq gained 10.77 points, and the S&P gained 4.17 points. Total NYSE volume traded, a modest 4.28 billion shares. 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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