Thursday's Market Recap - Major Indexes Closed Higher, With Dow And S&P At New Record Highs.
- May 5, 2021
- 2 min read
What is The Premarket Telling Us?
May 6, 2021 7:15 AM.
Stock futures are positive at this hour, as Dow futures up 30 points, Nasdaq futures up 21 points, and the S&P futures up 3 points. Asian markets ended mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield tick down to 1.571%, off by 1.3 basis points.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $64.27/barrel, down 0.15%.
On the Earnings Calendar:
Uber reported quarterly earning after the close yesterday. Shares are trading lower.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended mixed. Japan (Nikkei 225) up 1.80%, Shanghai down 0.16%, Hong Kong (Hang Seng) up 0.77%.
Major European markets were modestly higher in their session. German (DAX) up 0.17%, France CAC 40 up 0.28%, London FTSE 100 up 0.52%.
Market And Sector Dynamics
Markets started off the trading day mixed. The Dow gained 49 points, Nasdaq fell 54 points, and the S&P slipped 3 points. WTI crude oil also slipped modestly to $65.50/barrel, down 0.20%, while the US 10 Year Bond hovered at 1.584%. Shares of technology growth stocks continued their slide, are shares of Moderna, down on news that the Biden administration could support a waiver of patents for covid vaccines, to facilitate getting enough vaccine to poorer countries across the globe. Shares of Uber is also pressuring markets, after beating earning expectations, but is not being rewarded by investors.
After trading up and below the flat line during the early morning session, the Dow jumped higher around noon, up over 200 points. The index remained at that level for most of the afternoon session, before jumping even higher, half an hour before the closing bell.
Today's rally saw all eleven S&P sectors finishing the day higher, with most climbing one percent or higher. Financials, Consumer Staples, Communication Services, Technology, Basic Materials, Utilities, Industrials, Real Estate, Energy, Consumer Discretionary, and Healthcare.
Factors Influencing Today's Market
High technology growth stocks continued to sell off for most of the day, but recovered later, and ended higher for the first time in four days.
Investors are still grappling with a potential rise in interest rates, and inflation and a cooling of the economy.
US 10 Year Bond Yield closed at 1.570%, down 0.55%.
WTI crude oil closed at $64.97/barrel, down 0.23%.
This week's Initial Jobless Claims report shows 498K Americans file for new unemployment benefits vs the 533K expected. This is the fourth consecutive week of better than expected results, during the pandemic era.
Market Close Volume Traded And Advance Decline Ratio
At the close of trading, the major indexes ended with gains. The Dow gained 318.19 points, Nasdaq gained 50.42 points, and the S&P added 34.03 points, with the Dow and S&P at record new highs. Total NYSE volume traded, a moderate 4.53 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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