Thursday's Market Recap - Stock Up On Bank Earnings And Lower Than Expected Unemployment Claims.
- cashtonsaunders
- Oct 14, 2021
- 2 min read
What is The Premarket Telling Us?
US stock futures were decidedly positive early in the premarket, an indication that stock could be higher at the open. Asian markets closed mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.549%, down 0.0310%.
Currency Desk:
Eurodollar: 1.16
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $81.39/barrel, up 1.18%.
On the Earnings Calendar:
Strong earning results from US banks: Bank of America, Morgan Stanley, Wells Fargo, and Citibank this morning has help to propel stocks higher.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) closed mixed overnight up 1.46%, Shanghai up 0.10%, Hong Kong (Hang Seng) on holiday.
Major European markets closed with gain. German (DAX) up 1.40%, France CAC 40 up 1.31%, London FTSE 100 up 0.92%.
Market And Sector Dynamics
Markets got off to a very strong start today, driven by stellar quarterly earnings performance from Bank of America, Citibank, Morgan Stanley, and Well Fargo. All of the financial giants handily beat earnings, revenue expectations and other metrics. The Dow opened soared 425 points, Nasdaq gained 132 points, and the S&P gained 42 point. WTI crude oil all started off mildly higher at $81.12/barrel, up 0.85%, and US 10 Year Bond ticked lower to 1.528%, down 2.1 basis points.
Markets rallied from start to finish in today's session as investors cheered solid earnings from the big banks, the 10 Year remained subdued, and the Federal Reserve planned taper set to begin in November or December seems to be well accepted by the markets. Also helping markets today, weekly unemployment number came in less than anticipated, as 293,000 filed for new unemployment benefits, compared to the 340,000 estimated.
A broad based rally with all eleven S&P sectors ending the session with gains, led by Technology, Basic Materials, Industrials, Communication Services, Financials, Healthcare, Real Estate, Energy, Consumer Staples, and Consumer Discretionary.
Factors Influencing Today's Market
Strong quarterly earnings from Bank of America, Citibank, Morgan Stanley, and Wells Fargo
US 10 Year Bond closed at 1.516%, down 1.68%.
WTI crude oil ended today at $81.61/barrel, up 1.45%.
This week's Jobless Claims number came in at 293,000 new claims for unemployment benefits, the lowest number since the pandemic.
Asian markets ended mixed, and European markets closed higher.
Market Close Volume Traded And Advance Decline Ratio
US stocks soared in today's session. The Dow jumped 534.75 points, Nasdaq rocketed 251.79 points, and the S&P gained 74.46 points. Total NYSE volume traded, a light 3.59 billion shares. Advancing shares outpaced Declining shares by 3.36:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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