Thursday's Market Recap - Rising Covid Cases, And A Surprising Intraday Recovery.
What is The Premarket Telling Us?
US stock futures are modestly lower this morning. Dow futures down 49 points, Nasdaq futures down 33 points, and the S&P futures down 5 points.
On The Bond Desk:
The US 10 Year Bond Yield sits at 0.88%, up 0.01%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.32
Crude Oil:
WTI crude oil futures at $41.43/barrel, dow 0.93%.
On the Earnings Calendar:
Nvidia (NVDA) reported strong quarterly results after the closing bell yesterday, but guidance disappointed investors.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets ended the day lower. Japan (Nikkei 225) down 0.36%, Shanghai up 0.47%, Hong Kong (Hang Seng) down 0.71%.
Major European markets were all lower. German (DAX) fell 0.88%, France CAC 40 fell 0.67%, London FTSE 100 down 0.80%.
Market And Sector Dynamics
Stocks opened the trading day solidly lower, with the Dow down 180 points, Nasdaq down 28 points, and the S&P down 20 points. WTI crude oil is off to a weak start at $41.56/barrel, down 0.59%, and US 10 Year Yield hovers at 0.855%. All eleven S&P sectors are lower early, as investors worry about the rising number of Covid infection, as the nation surpasses 250,000 covid deaths, and 11,500,000 infections, as experts including the Centers For Desease Control (CDC) Diseasefearing the possibility of small group outbreak, advise Americans to avoid travel during the upcoming Thanksgiving Holiday, which is usually the biggest travel day for Americans.
Trading was negative and choppy for most of the session but turned positive shortly after 2:30 PM, with the Dow up near 90 points, the high of the day. Stocks managed to hold on to most of that gain into the close of the session.
At session close, nine of the eleven S&P sectors closed with moderate gains, led Energy, Technology, Consumer Discretionary, Basic Materials, Communication Services, Financials, Consumer Staples, Industrials, and Real Estate. Utilities and Healthcare finished lower.
Factors Influencing Today's Market
Covid-19 infections and fear of increased restrictions and lockdown dominated markets today.
This week's Initial Jobless Claims shows another 742,000 Americans filed for new unemployment benefits. 710,000 new claims were estimated.
Asian and European markets ended lower today.
US 10 Year Bond Yield closed at 0.823%, up 0.5.45%.
WTI crude oil closed at $41.64/barrel, down 0.43%.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed today, the major indexes were higher, after a remarkable intraday reversal. The Dow gained 44.81 points, Nasdaq gained 103.11 points, and the S&P gained 14.08 points. Total NYSE volume traded, a modest 4.41 billion shares. Advancing shares outpaced Declining shares almost 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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