Thursday's Market Recap - Stock Recorded Modest Gains Despite Slight Increase In New Jobless Claims.
What is The Premarket Telling Us?
7:00 AM.
Stock futures are modestly lower at this hour. Dow futures rose 31 points, Nasdaq fell 15 points, and S&P added 2.50 points. Major Asian markets were lower while we slept. Investors will be paying the key attention to this week's Bureau of Labor, Initial Jobless Claims report this morning to gauge how markets will respond, to the number of Americans filing new unemployment claims.
On The Bond Desk:
The US 10 Year Bond Yield at 0.68%, up 0.03%
Currency Desk:
Eurodollar: 1.16
UK Pound: 1.27
Crude Oil:
WTI crude oil futures sit at $40.06/barrel, up 0.33%.
On the Earnings Calendar:
Accenture missed quarterly earnings and revenue expectations. Sending shares lower
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets lower. Japan (Nikkei 225) down 1.11%, Shanghai lost 1.72%, Hong Kong (Hang Seng) lost 1.82%.
Major European markets ended lower. German (DAX) down 0.29%, France CAC 40 down 0.83%, London FTSE 100 down 1.30%.
Market And Sector Dynamics
Stocks opened the trading session moderately lower. The Dow fell 79 points, Nasdaq lost 63 points, and the S&P down 11 points. WTI Crude oil was up slightly at $39.98/barrel, up 0.19%, and the 10 Year Bond Yield at 0.668%.
The Bureau of Labor Statistics out this morning shows last week another 870,000 Americans filed new claims for unemployment benefits vs 840.000 expected. Shares of Accenture are also lower this morning as the company missed both quarterly earnings and revenue expectations.
At the intraday low, shortly after the open, the Dow sank around 200 points, but recovered a short while later, and trended higher for most of the remaining session, with the Dow reaching a high of over 330 points, shortly before 2:00 PM. The markets gave back nearly all of those earlier in the final hour of trading.
Today's session was positive, broad-based gains, with ten of the eleven S&P sectors ending the day with modest gains, led by Utilities, Consumer Staples, Basic Materials, Technology, Communication Services, Real Estate, Financials, Consumer Discretionary, Industrials, and Energy. Healthcare was modestly down in today's session.
Factors Influencing Today's Market
Last week 870,000 Americans filed for new unemployment benefits.
Accenture missed quarterly earnings and revenue estimates, sending shares lower today.
August New Home Sales was better than expected at 1,011K vs 875K estimates.
US 10 Year Bond Yield closed at 0.668%, down 1.45%.
WTI crude oil price closed at $40.31/barrel, up 0.95%.
Both Asian and European markets were down in their sessions.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading, all the indexes closed with moderate gains. The Dow gained 51.32 points, Nasdaq rose 39.28 points, and the S&P added 9.67 points. Total NYSE volume traded - a moderate 4.58 billion shares. Declining shares outpaced slightly better than 1:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance, Econoday.
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