Thursday's Market Recap - A Rally Spurred By Strong Retail Earnings? Go Figure!
- cashtonsaunders
- May 26, 2022
- 2 min read
What is The Premarket Telling Us?
Thursday, May 26, 2022, 7:00 AM.
US stock futures were modestly positive two and a half hour before the start of trading. Dow futures were up 123 points, Nasdaq futures up 9 points, and S&P futures up 14 points. Asian markets were mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 2.497%, down 0.021
Currency Desk:
Eurodollar: 1.17
UK Pound: 1.26
Crude Oil:
WTI crude oil futures at $111.29/barrel, 0.87%.
On the Earnings Calendar:
Better than expected quarterly earnings from William Sonoma, after the close yesterday.
Alibaba, and Macy's, also reported strong quarterly earnings before the start of trading this morning.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed Japan (Nikkei 225) down 0.27%, Shanghai up 0.50%, Hong Kong (Hang Seng) down 0.27%.
Major European markets closed higher. German (DAX) up 1.59%, France CAC 40 up 1.78%, London FTSE 100 up 0.56%.
Market And Sector Dynamics
Markets opened modestly higher today. The Dow gained 134 points, Nasdaq gained 20 points, and S&P gained 16 points. WTI crude oil started the day off at $111.21/barrel, up 0.80%. The US 10 Year Bond Yield continued it slide, down1.1 basis points, to 2.749%.
Stocks jumped out to a strong positive start and held on at that elevated level for the entire session, in a broad-based risk-on rally, spurred on by strong quarterly earnings results from William Sonoma, after the close of trading yesterday, and equally spectacular earnings results from retailer, Macy's, Dollar General, and Dollar Tree. China's online retail giant, Alibaba also reported better than expected quarterly results. Shares of all these companies ended today's session with solid gains.
Investors were definitely in a risk-on mood today, with ten of the eleven S&P sectors closing the session with gains, led by Consumer Discretionary, Technology, Financials, Communication Services, Industrials, Basic Materials, Energy, Consumer Staples, Healthcare, and Utilities. Real Estate finished mildly lower.
Factors Influencing Today's Market
The second print of first-quarter GDP came in at -1.5% vs -1.3% for the prior print.
This week's Initial Jobless Claims showed 210,000 American file new claims for Unemployment benefits. 208,000 was estimated.
US 10 Year Bond Yield closed at 2.750%, unchanged.
WTI crude oil closed at $114.12/barrel, up 3.44%.
Market Close Volume Traded And Advance Decline Ratio
US stocks closed markedly higher in trading today. The Dow soared 516.91 points, Nasdaq rocketed 305.91 points, and the S&P gained 79.11 points. Total NYSE volume traded was a light 4.74 billion shares. Advancing shares outpaced Declining shares by 4.81:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comentarios