Thursday's Market Recap - Dow Record Triple Digit Gains Nasdaq Flat, And The S&P Also Higher.
- May 26, 2021
- 2 min read
What is The Premarket Telling Us?
May 27, 2021 7:15 AM.
US stock futures are mildly mixed at this hour, with Dow futures up 1 point, Nasdaq futures down 49 points, and S&P futures up 8 points. Asian markets ended in a mixed session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.574%, 0.01%.
Currency Desk:
Eurodollar: 1.22
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $65.60/barrel, down 0.92%.
On the Earnings Calendar:
Nvidia and Snowflake reported better than expected quarterly earning after the close of trading yesterday.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) fell 0.18%, Shanghai up 0.43%, Hong Kong (Hang Seng) down 0.33%.
Major European markets also closed mixed. German (DAX) down 0.22%, France CAC 40 gained 0.60%, London FTSE 100 lost 0.24%.
Market And Sector Dynamics
Stocks opened today's session sharply higher. The Dow gained 218 points, Nasdaq down 10 points, and the S&P gained 12 points. WTI crude oil was modestly lower at $66.12/barrel, up 0.14%, and the US 10 Year Bond at 1.611%, up 3.7 basis points.
The Dow remained convincingly elevated for the entire trading session, despite pulling back from high of the morning session. With the strong first quarter earnings season all but over, and except for a few retail companies, investor responded only modestly to blow out earnings numbers. This would suggest that those fantastic earnings have already built into the markets. Market may also be in side ways motion as it consolidates recent gains, preparing a base for the next leg higher.
Six of the eleven S&P sectors ended with gains in the session, led by Industrials, Financials, Basic Materials, Communication Services, Consumer Discretionary, and Energy. Utilities, Consumer Staples, Technology, Healthcare, Real Estate, ended with moderate losses.
Factors Influencing Today's Market
This week's Initial Jobless Claims report shows 406,000 new claims for unemployment benefits the lowest since the pandemic.
Share of Nvidia and Snowflake soared higher today after reporting better than expected earning results after the bell yesterday evening. Nvidia is also planning a four for one stock split.
Asian and European markets ended the session mixed.
US 10 Year Bond Yield closed today at 1.606%, up 1.61%.
WTI crude oil closed at $66.85/barrel, up 0.97%.
Market Close Volume Traded And Advance Decline Ratio
Markets closed mixed today, with the Dow gaining 141.59 points, Nasdaq slipped 1.72 points, and the S&P added 4.89 points. Total NYSE volume traded, a heavy 6.59 billion shares. Advancing shares outpaced Declining shares by 1.74:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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