Thursday's Market Recap - Stocks Closed Higher On Some Deal Optimism & Mixed US Economic Data.
What is The Premarket Telling Us?
At this hour, US stock futures are telling us investors want to extend yesterday's gains when the market opens later this morning. Dow futures are up 224 points, Nasdaq futures up 155 points, and S&P futures up 31 points.
Some Asian markets are observing holidays, while in Japan, trade was halted because of a trading system outage.
On The Bond Desk:
The US 10 Year Bond Yield at 0.68%, up 0.04%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures $39.59/barrel, up 1.32%.
On the Earnings Calendar:
None.
In M&A News:
America Equity receives a take over bid from Athena & MassMutual.
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) halted due to a system outage, Shanghai close for holiday, Hong Kong (Hang Seng) closed for a holiday.
Major European markets ended mixed . German (DAX) down 0.23%, France CAC 40 up 0.43%, London FTSE 100 up 0.23%.
Market And Sector Dynamics
Stocks opened convincingly higher, with the Dow soaring 176 points, Nasdaq up 121 points, and S&P up 25 points. WTI crude oil was off to a lower start at $39.05/barrel, down 2.91%, and the US 10 Year ticked higher at 0.710%. Boeing and Visa are leading the market higher in the early going, but energy and consumer staples are down.
The tone of today's session was set on hope for a breakthrough in additional stimulus talks between Secretary Mnuchin and House Speaker Nancy Pelosi. Also influencing markets this morning, was last week's Jobless Claims report showing another 837,000 Americans filed for new unemployment benefits. This is slightly less than the 850,000 consensus estimate. A mixed bag of other US economic data is also in the in today's market milieu.
Today's rally saw seven of the eleven S&P sectors ending the day with modest gains led by Real Estate, Consumer Discretionary, Communication Services, Utilities, Technology, Consumer Staples, and Financials.
Energy, Basic Materials, Healthcare, and Industrials.
Factors Influencing Today's Market
A hint of optimism for a possible deal for additional pandemic stimulus.
Today's BLS report shows another 837K Americans filed for new claims for unemployment benefits.
September ISM Manufacturing Index came in at 55.4 vs 56.3 estimated.
The final read of September PMI Manufacturing Index came in at 53.1 vs 53.5 estimated.
US 10 Year Bond Yield 0.679%, down 0.96%
WTI crude oil closed at $38.72/barrel, down 3.73%.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading, the major indexes closed with gains. The Dow gained 35.20 points, Nasdaq gained 159 points, and the S&P rose 17.80 points. Total NYSE volume traded a moderate 4.10 billion shares. Advancing shares outpaced Declining shares by 2.17:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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