Thursday's Market Recap - Stock Gain As UK and European Union Finally Reach Agreement On Brexit.
- Dec 24, 2020
- 2 min read
What is The Premarket Telling Us?
8:00 AM.
US stock futures are mildly positive at this hour, with the Dow up 39 points, Nasdaq futures up 14 points, and the S&P up 6 points. Asian markets were slightly higher in their session. Finally, the UK and the European Union have reached an agreement on Brexit, after four years on deliberations and uncertainty.
On The Bond Desk:
The US 10 Year Bond Yield at 0.94%, down 0.02%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $47.81/barrel, down 0.64%.
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) up 0.54%, Shanghai down 0.57%, Hong Kong (Hang Seng) up 0.16%
Major European markets. German (DAX) up 1.26%, France CAC 40 down 0.10%, London FTSE 100 up 0.10%
Market And Sector Dynamics
Stocks opened modestly higher, with the Dow up 49 points, Nasdaq gained 21 points, and the S&P up 5.53 points. WTI crude oil started off at $47.85/barrel, down 0.54%, and the US 10 Year Bond hovered at 0.936%.
In today's shortened trading session investors had to contemplate the ongoing rise in Covid-19 infections here in the US, and globally, as well as the Brexit agreement arrived at between the UK and the European Union.
Share of Alibaba (BABA) is also weighing negatively on markets, as the Chinese Government has announced it could take steps to curb monopolistic activity. This sent shares of Alibaba tumbling more than 13% lower.
Trading was choppy, although the market remained in positive territory for the entire session. Ten of the eleven S&P sectors ended today's session with modest gains, led by Real Estate, Technology, Utilities, Basic Materials, Consumer Staples, Healthcare, Communication Services, Consumer Discretionary, Financials, and Industrials. Energy was modestly lower.
Factors Influencing Today's Market
The UK and the European Union have come to an agreement on Brexit.
Shares of Alibaba weighed negatively on markets as China threatens antimonopoly measures.
The US 10 Year Bond closed at 0.926%, down 1.93%.
WTI crude oil closed the day at $48.23/barrel, up 0.23%
Market Close Volume Traded And Advance Decline Ratio
Markets ended modestly positive in today's shortened trading session. The Dow gained 70.04 points, Nasdaq gained 33.62 points and the S&P gained 13.05 points. Total NYSE volume traded, a modest 1.88 billion shares. Advancing shares outpaced Declining shares by 1.56:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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