Monday's Market Recap - Strong Gains As AstraZeneca/Oxford Univ. Releases Covid-19 Vaccine Data.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are moderately higher at this hour indicating markets could open moderately higher. Dow futures up 171 points, Nasdaq futures up 41 points, and the S&P futures up 19 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.83%. down 0.023%
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $42.76/barrel, up 0.80%.
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) fell 0.42%, Shanghai up 1.09%, Hong Kong (Hang Seng) up 0.13%.
Major European markets closed modestly lower. German (DAX) down 0.08%, France CAC 40 down 0.07%, London FTSE 100 down 0.28%.
Market And Sector Dynamics
Markets opened the trading session convincingly higher, with the Dow up 189 points, Nasdaq up 71 points, and the S&P gained 21 points. WTI crude oil was lower early, at $42.82/barrel, down 0.94%, and the US 10 Year Bond Yield hovered at 0.846%. Stocks are largely driven this morning by promising Covid-19 vaccine news, this time from, the Astrazeneca/Oxford University clinical trials showing their vaccine was on average 70% effective or efficacy.
Stocks climbed even higher after the open, the Dow up 305 points, fifteen minutes after trading began, but pulled back moderately in the mid-morning session, but gradually turned around in the early afternoon, and gained momentum during the rest of the session. At the high of the session shortly after 3:00 PM, the Dow was up nearly 400 points.
Today's rally was fairly broad-based with seven of the eleven S&P sectors ending with solid gains, led by Energy, Financials, Industrials, Basic Materials, Consumer Discretionary, Consumer Staples, and Communication Services. Real Estate, Healthcare, Technology, and Utilities were lower.
Factors Influencing Today's Market
Optimistic Covid-19 vaccine news from the AstraZeneca/Oxford University clinical trial, which was found to be 70 effective.
As the Thanksgiving Holidays nears experts including the Centers for Disease Control (CDC) attempt to discourage Americans from traveling to Grandma's house fearing young people could take home the coronavirus to parents and grandparents.
Asian and European markets were mostly mixed in their sessions.
US 10 Year Bond Yield closed at 0.859%, up 4.16%.
WTI crude oil closed at $43.16/barrel, up 1.60%.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended today's trading solidly in positive territory. The Dow gained 327.39 points, Nasdaq gained 25.66 points, and S&P gained 32.96 points. Total NYSE volume traded, a moderately heavy 50.11 billion shares. Advancing shares outpaced Declining shares by 3.22:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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