Thursday's Market Recap - Stock Rally On Strong Q1 GDP Data, And Solid Quarterly Earnings.
- cashtonsaunders
- Jun 23, 2021
- 2 min read
What is The Premarket Telling Us?
June 24, 2021 7:30 AM.
US stock futures are moderately higher at this hour, with the Dow up 178 points, Nasdaq futures up 79 points, and the S&P up 21 points. WTI crude opened mildly lower, at $72.88/barrel,.
On The Bond Desk:
The US 10 Year Bond Yield was at 1.489%, up 0.20%.
Currency Desk:
Eurodollar: 1.19
UK Pound: 1.39
Crude Oil:
WTI crude oil futures at $72.88/barrel, down 0.27%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets were modestly higher. Japan (Nikkei 225) was flat, Shanghai gained 0.01%, Hong Kong (Hang Seng) up 0.23%.
Major European markets rallied in today's session. German (DAX) gained 0.86%, France CAC 40 up 1.22%, London FTSE 100 gained 0.51%.
Market And Sector Dynamics
Stocks opened the trading day higher. The Dow gained 180 points, Nasdaq gained 92 points, and the S&P rose 22 points. A strong read of first quarter released this morning grew 6.4%, in line with expectations. Strong quarterly earning from Accenture, and Darden restaurants also added strong sentiment to the markets.
The Dow remained convincingly higher for the entire session, gaining additional momentum in the afternoon, after a team of Democratic, and Republican negotiators, announced they had reached a $1.2 Billion Infrastructure deal with the White House.
Nine of the eleven S&P sectors ended the session with gains, led by Financials, Energy, Communication Services, Industrials, Technology, Healthcare, Consumer Staples, Basic Materials, and Consumer Discretionary. Real Estate, and Utilities ended lower.
Factors Influencing Today's Market
Final read on First Quarter GDP rose a strong 6.4%.
Strong quarterly earning results from Accenture, Darden Restaurants.
Shares of Eli Lily rallied on great Alzheimer's clinical data.
Asian and European markets ended higher in their sessions.
US 10 Year Bond ended the day at 1.499%, up 0.97%.
WTI crude oil closed today at $73.27/barrel, up 0.26%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, the major indexes were higher. The Dow 322.28 points, Nasdaq gained 97.98 points, and the S&P rose 24.65 points. Total NYSE volume traded, a modest 3.87 billion shares. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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